Mainland Chinese auction houses are hoping to compete with international rivals like Sotheby's and Christie's in Hong Kong by targeting the most sensitive place for regional collectors: their pocketbooks.

Following the grand opening of its first Hong Kong flagship exclusively for watches and jewelry in February, Giorgio Armani diffusion line Emporio Armani is setting its eyes on the Mainland.

Originally announced in 2011, the China expansion efforts of Hong Kong-based luxury department store Lane Crawford are set to gain pace with the opening of two new stores in Shanghai and Chengdu by the end of this year.

Having already snapped up distressed wineries in France and Chile, Chinese state-owned giant COFCO is now setting its eyes even further afield, on wineries in the US as well as Australia's Barossa Valley.

Though they clearly have an interest in all the trappings of "the good life," from private jets to tropical getaways and property around the world, China's rich and fabulous have yet to jump into the wide world of yachting with both feet.