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Superyacht Builder Ferretti Sold to Chinese Bulldozer Maker

Ferretti Group was sold to the state-owned parent of China’s biggest bulldozer-maker, putting the Communist nation in control of the world’s largest luxury-yacht builder.

Creditors will sell 75 percent of Ferretti for 178 million euros ($228 million) to Shandong Heavy Industry Group-Weichai Group, according to a statement handed to reporters today in Jinan, China. Royal Bank of Scotland Group Plc and Strategic Value Partners LLC will also own 12.5 percent stakes in the Forli, Italy-based boatmaker.