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.

Launched nearly six years ago, the masterful 289-ft. Maltese Falcon remains Perini Navi’s crowning achievement.

While the yard has constructed many stunning yachts since then, none have approached the Falcon’s impressive length.

Now Perini Navi has signed a contract for a 226-ft. sailing superyacht, that, when completed, will be the second largest PN ever built, Superyacht Times reports.

Abu Dhabi’s ADM Shipyards has just launched the 462.5 ft. megayacht Yas, which now ranks as the world’s 6th largest.

The yacht, whose design was adapted from a UAE Navy frigate, is rumored to have been commissioned by a member of an Arabic royal family.

The vessel features luxurious accommodations for up to 60 guests along with 56 crew and is capable of an impressive 26 knots maximum speed thanks to her military pedigree. Yas’ cruising speed is 20 knots with a transoceanic range.

Princess Yachts International have released their latest yacht, the V-85S sports yacht (measuring 85ft overall).

Ingeniously hidden within the sleek lines of her exterior is a flying bridge with dual helm controls and companion seating.

Complete with refrigeration and a sound system, this is also a relaxed space for daytime entertaining as an alternative to the cockpit and foredeck seating areas.

With only nine months to go until the 2012 Olympics in London, the jockeying for position among megayacht owners is well underway.

Berths for about 30 yachts are being prepared around London’s waterways for the big event, but most of them will only accommodate smaller vessels.

Several more are expected to visit though they won’t all be in town at the same time.

Simpson Marine, Asia’s largest yacht brokerage company, has opened a flagship office at the Serenity Coast Marina in Sanya, Hainan.

“Simpson Marine is ready to serve the Chinese market, and specifically its southern part, which is transforming itself into the yachting hub of China.”

On top of the existing 8 marinas in operation, over 12 new marina projects have been identified on the southern coast of China and Hainan. The idea of a Chinese Riviera stretching from Xiamen to Sanya has never been so relevant.