China to enter cruise liner building market

China's first luxury cruise liner will be able to carry up to 5,000 passengers when it is delivered in 2021, creating a new opportunity for the country to enter the world's lucrative cruise liner market.

State-owned China State Shipbuilding Corp and Italian shipbuilder Fincantieri Cantieri Navali Italiana SpA will establish a joint venture in Hong Kong. The joint venture will spend 25 billion yuan ($3.74 billion) building five luxury cruise liners.

CSSC will take a 60 percent stake in the new company, while the Italian side will hold the remaining shares. The money will come from an industrial development fund for cruise liners from five Chinese banks, including Bank of China, Agricultural Bank of China and China Construction Bank, according to CSSC.