Posted on 11/28/2014 1:20:27 AM PST by rjbemsha
They are young, wild, free -- and very, very rich. These wealthy Chinese students go to school in the day and flaunt their social status during private meet-ups at night. These lavish gatherings feature posh venues, designer handbags and blinged out shoes, ladies in stiletto heels and sexy skirts and, of course, supercars -- plenty of them. Maserati, Ferrari, Bentley, Lamborghinis you name it -- they're all on display in neat rows.
“I have three Ferraris, this is my newest one,” an interviewee told producer and host Kristie Hang at a supercar meet-up in the San Diego valley in California. When asked why he had chosen to buy his latest US$270,000 (S$350,000) car, he said, “I’m just studying in California and this car is named California… very romantic.”
Another male student, who was just 20 years old, also admitted he kept his Lamborghini on the down low, and would drive another [cheaper] car to school.
But why the secretive meet-ups? Hang said that the Chinese government is “touchy” about exposing how the children of the elite live. Hence, these youngsters would secretly organise meet-ups using the popular Chinese app, WeChat. According to a report by China Merchants Bank and U.S. consultants Bain & Co. published in April 2011, rich Chinese — those with assets of more than 10 million yuan — have about 3.6 trillion yuan (US$564 billion) invested overseas.
Zhong Dajun, director of the non-governmental Dajun Center for Economic Observation & Studies in Beijing told the Associated Press ... it is mostly corrupt government officials who transfer entire fortunes overseas because they have been illegally acquired and "they have fears and feel guilty."
(Excerpt) Read more at sg.news.yahoo.com ...
Sounds like the typical children of communist leaders.
Sounds like most children of rich parents.
Socialism is like Islam. It's a rationalization for dictatorship and looting.
For more information, see Kennedys.
Wow have you got that wrong. These are children of successful Chinese capitalist.
and the money comes from all the manufacturers pushed to offshore by Walmart
jobs and money gone thx to dems and especially the clintons
Why are these idiots in the US?
Because anything that is associated with “Western values” is banned. Honestly, who would want to be in China?
At least they are spending their parent's money here.
Yes, but we have plenty of idiots, why do we need more from China?
Honestly, who would want to be in California?
Fixed it.
Ah, but what does it take to be a successful Chinese capitalist? Membership (or family membership) in the top cadres of the communist party.If the party allows you and your family to become wealthy, you get all the regulatory clearance, capital, workforce arrangements you need. Otherwise, good luck with that. Don't forget that as a country with a billion people, there are millions in the higher levels of the communist party...
China cannot by any rational scale at all be called Communist any more. No country with dozens of private property billionaires can.
It is arguably not really even socialist anymore, as many Europeans countries are certainly more socialist at core.
China at present has a lot more in common with its own ancient history than the imported European notions of socialist/capitalist.
The Party still uses the rhetoric, of course, but they don’t really walk the walk.
China, down its long history, has mostly been governed by an alliance between an Emperor and the mandarins. Unfortunately, the mandarins, despite their posturing about Confucian ethics, tended to become incredibly corrupt and steal everything in sight.
The primary function of the Emperor in the system was to emerge periodically and clean the mandarins’ house for them, stomp all over the corrupt ones. Of course, the emperors tended to become corrupt themselves, often under the influence of court eneuchs, who provided an alternate power center.
At the moment China has no Emperor. The Party fills the role of the mandarins. Historically speaking, this is a highly unstable system, as there is no restraint on the greed and corruption of the Party members.
The tradition of corruption in China over the centuries will boggle a westerner. During WWII Kuomintang officials would embezzle funds so aggressively that entire armies starved to death. That was not at all unusual in Chinese history.
Might start to give US citizens a different view on cheap China goods if it is true that to make something there you have to pay to play in the official Communist party. That’s an element you would not see with goods made in other countries, even most banana republic countries.
ya mean greed?
The wild card here may be the quiet growth of Christian faith in China. This could be the salt that finally stays the rot.
Other systems like Buddhism also touted the virtues of integrity, but only Christianity can back it up with an unconditional love offer.
One of the oddest things about Chinese history and culture is the very low status of the businessman.
In most cultures the warrior is on top of the heap, with the merchant next, then artisans and finally the peasants.
In China the mandarins were on top, a group that never existed anywhere else. The peasants came next, then warriors and merchants. Merchants traditionally were viewed as semi-criminal, with no real right to their gains, and were plundered at their whim by mandarins or the Emperor.
Viewed as almost criminal, they reacted by in self-defense becoming secretive and almost criminal themselves. Chinese businessmen have always been closer to organized crime than in any other country, with possible exception of Sicily.
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