(Yicai) Feb. 25 -- Richard Liu, founder and chairman of Chinese e-commerce giant JD.Com, has launched his own yacht brand, planning a CNY5 billion (USD272.6 million) investment in the yacht industry in southern Guangdong province.

The Zhuhai municipal government announced today it signed a strategic agreement with Sea Expandary, a company controlled by Liu, for the construction of a high-end yacht base.

Sea Expandary will invest CNY5 billion to build a yacht manufacturing base in Zhuhai, a headquarters office in Shenzhen, and supporting facilities in the Greater Bay Area, including a research and development innovation center, a yacht operation service center, and a maintenance center, according to media reports.

Targeting the global market, Sea Expandary will focus on manufacturing new energy intelligent yachts applying artificial intelligence and robotics technologies, Liu said. The yachts will be priced at about CNY100,000 (USD14,550), making them affordable for ordinary wage earners, he added.

This is a personal investment, Liu clarified, noting that he will not directly participate in Sea Expandary’s operations and management, as he will continue to concentrate his energy and efforts on JD.Com.

Editor: Futura Costaglione