China’s Wealthy Splurge $63 Million at Luxury Show in Shanghai - Samuel Shen
From Bloomberg:
China’s wealthiest lavished 500 million yuan ($63 million) on Hennessy X.O spirits, Porsche sedans, South African diamonds and other luxury goods during a show in Shanghai, double the value of transactions a year ago.
Top Marques, a four-day show that has its origin in Monaco, attracted 12,000 visitors last week with exhibits of 70 luxury brands, including $300,000 De Bethune watches and $426,983 Lamborghini sedans.
“China has embraced every aspect of luxury pursuits, whether it’s hunting, gambling, jets or yachting,” said Peter Thompson, a partner of yacht broker Cavendish White, whose clients include U.S. tycoon Donald Trump. “There’re a lot of rich people and they have a desire to explore new ways of life.”[Full Text]
