Hong Kong  - A 28-year-old US man died after falling between corporate boats serving drinks to party crowds watching Hong Kong's annual dragon boat races, a news report said Thursday.

Eric Tutera from New York reportedly fell into the water while crossing between pleasure boats in a group that included boats from JP Morgan, BNP Paribas and Time-Warner.

The boats were filled with revellers jumping from one boat to the next while decks were slippery with spilt beer and other drinks, witnesses quoted by the South China Morning Post said.

Tutera drowned on Sunday but his body was only found floating off Hong Kong's Stanley beach on Tuesday despite extensive helicopter searches following his disappearance.

Party-goers immediately raised the alert but believed Tutera may have hit his head before falling into the water and sunk to the bottom.

Thousands of spectators line the shores of major Hong Kong beaches for the annual dragon boat races which this year took place on Sunday and Monday, a public holiday in the city of 6.9 million. (dpa)