China’s Shangong Heavy Industries has bought the Ferretti Group, taking over 75% of the Italian shipmaker’s capital.

Sleekly tailored with gleaming chrome accessories and luxurious saloons, the Ferretti Group designs some of the most exclusive yachts in the nautical world.

Ferretti has 8 yacht brands (Ferretti Yachts, Pershing, Itama, Bertram, Riva, Mochi Craft, CRN and Ferretti Custom Line) and owns a total of 8 shipyards.

After four thrilling days of exclusive parties, glamourous entertainment and intense networking, the Hainan Rendez-Vous 2011 ended last Monday leaving no doubt about its status as the region’s leading yacht show.

The superyacht show, which also incorporates a business jet exhibit and displays of luxury properties and high-end brands, once again drew crowds of China’s most affluent individuals to Sanya city in the ‘Chinese Riviera’ of Hainan Island.

This year’s edition had twice as many exhibitors as last year’s Hainan Rendez-Vous, and generated several billion RMB worth of transactions.

A crane gingerly lifts a 13-metre Riva into Lake Iseo after the last coat of varnish has dried on its mahogany finish.

The speedboat, an icon of “Made in Italy” luxury design, is going for a final spin before a potential buyer checks it out.

“Tradition and innovation, that’s what drives us,” said Paola Procopio at the shipyard.

Like many symbols of La Dolce Vita, Riva started as a family venture in 1842.

The Ferretti Group has unveiled Summer Line, the new telephone service available 24 hours a day, seven days a week, established to solve any technical problems Ferretti Group’s clients may have.

The service is provided by Easea Yaching, the Group’s Service Division, developed to bring together the After Sales resources of all Group brands.

The aim is to guarantee owners of all Ferretti Group yachts a better and increased range of services.

By most measures, the self-styled “Chinese Riviera” on Hainan Island has a long way to go before catching up to Cannes, St. Tropez or Nice.

But the organizers of Hainan Rendez-Vous at the island’s Sanya resort did their part to boost the area’s image this past weekend, hosting an extravaganza of private jets, vintage and top-end autos, luxury properties and giant yachts.

The first edition of the Hainan Rendez-Vous attracted last week end over 5,600 visitors during the three-day event which featured more than 150 exhibitors.

CRN report the successful launch of the new 72m superyacht, at an open ceremony at the CRN shipyard in Ancona, Italy.

With a distinctive grey displacement hull she is the largest leisure yacht built by CRN to date (CRN is a brand of the Ferretti Group).