The largest made-in-Chongqing luxury yacht was delivered to its new owner on Dec 18 in Chongqing.

The 58-foot yacht cost about 10 million yuan ($ 1.67 million), only half the price of a similar vessel overseas, Chongqing Economic Times reported.

The vessel was built by Chongqing Dilly Yacht Manufacturing Co, Ltd, with production taking 10 months. The yacht contains a 30-square-meter saloon, three luxury suites and entertainment cabins.

Yang Yong, the chairman of Dilly, said the annual maintenance of such yachts is about 300,000 yuan, including mooring fees, management costs and the labor cost of two crew members. "That's nearly the same cost as maintaining three Benz S600 cars," he said.

Yang said the market for yachts in Chongqing is full of potential.

"In Chongqing, you can have a BBQ on the yacht and also visit scenic spots along the Yangtze River," Yang said.

Dilly has 19 yacht orders in production.

The yacht manufacturing business in Chongqing appears to be booming. According to the municipality's shipping and ports authority, Chongqing will have 11 marinas in the city and the Three Gorges Reservoir area by the end of 2015.

The report from Hurun also showed that Chongqing has more than 11,500 residents with assets of more than 10 million yuan. These are the major targets for manufacturers of luxury yachts.

"Chongqing has the advantage of a developing yacht industry," said Wang Ning, deputy director of Tourism and Land Resource School at Chongqing Technology and Business University.

"After the water level of the Three Gorges Reservoir reaches the predetermined level, we will have a huge water area with hundreds of rivers, islands and lakes," added Wang. "These all provide support for the developing yacht industry."