A Chinese heavy equipment manufacturer has agreed to pay 374 million euros ($477 million) for control of debt-laden Italian luxury yacht maker Ferretti Group, the companies said Tuesday. Shandong Heavy Industry and its subsidiary Weichai Group struck a deal with the creditors of Ferretti to take a 75 percent stake in the company, which will enable it to restructure its debts, they said in a statement. As part of the deal, Royal Bank of Scotland and Strategic Value Partners will each become owners of a 12.5 percent stake in the yacht maker, it added. Ferretti chairman Norberto Ferretti said he welcomed the recapitalisation deal, which would provide the company with 178 million euros in equity investment and 196 million euros in debt financing. \"We are strongly convinced that this partnership will lead to very satisfactory results and will provide Ferretti Group with a strong capital base that will allow the development of long-term growth plans,\" Ferretti said. Shandong Heavy Industry, which makes commercial vehicles, construction machinery and other heavy-duty industrial products, believes Ferretti offers the company \"strong strategic values\", chairman Tan Xuguang said. \"Developing the yacht business is one of the group\'s strategic goals for the next five years,\" Tan said. Demand for luxury yachts in China is growing as the wealthy look for new ways to flaunt their assets. The number of luxury powerboats and yachts in China is expected to increase by more than 10-fold to over 10,000 by 2015, Zheng Weihang, secretary general of the China Cruise and Yacht Industry Association, said previously. Ferretti will retain its key management team, headquarters and production bases in Italy, the statement said.