Wealthy Chinese kids in the US flaunt supercars at secret meet-ups

Yahoo Singapore ^ | 28 Nov 2014 | Nurul Azliah Aripin

[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."

[Big Red Badger]

Pictures!!

Badly Needed,I agree,,,
Girls and cars ,,,

GOOD.

[Big Red Badger]

Pictures!!

Badly Needed,I agree,,,
Girls and cars ,,,

GOOD.

[gunsequalfreedom]

To get capital in China, and avoid "problems" with the bureaucracy, you need to be connected to a senior Party official.

That is such a common misconception. I can point you to a hundred entrepreneurs that have started private business in China and have been very successful. They range from people setting up to manufacturer products to restaurant owners that started with one restaurant and have now developed a chain of restaurants.

For decades the Chinese government has been working to shed state owned businesses that were big money losers. Opening up to free enterprise and capitalism. One trip to just Shanghai and a look at the number of businesses and you can see it is totally illogical to think that many people could be politically connected to a government party official.

For the ordinary citizen that wants to open a shop or start up a private business, it is often far less trouble than is experienced in the U.S. I've opened businesses in both countries, two in China.

As a foreign owned enterprise in China we certainly were put through some hoops but opening a Bar and Grill was only a matter of lease, tenant improvements, the sign out front, drawing customers and making sure the beer was cold and did not run out.

[Politicalkiddo]

What do you mean “live better”? In what ways?

[Politicalkiddo]

Good point. I sure as heck don’t. :P

[gunsequalfreedom]

From the article: it is mostly corrupt government officials who transfer entire fortunes overseas because they have been illegally acquired and "they have fears and feel guilty."

The penalty for that is years in prison and if extensive enough, death. The US could use those penalties for the government corruption we have going but our corruption is legal.

[Politicalkiddo]

I’m not saying we do.

[CodeToad]

“What do you mean “live better”? In what ways?”

In every way that counts. This idea that all of China are peasants and live in the dirt is just plain ignorance. The same kind of ignorance the Soviet Union displayed when their propaganda said Americans were all starving and living like the worst pictures taken of the Great Depression. We have 300 million people, many below the poverty line. China has 300 million middle class or better. Maybe a billion more under the poverty line but they still have a whole lot of middle class living just fine.

[Politicalkiddo]

Perhaps the people are economically better off, but they can still be killed for protesting against the government, no? (I’m sure we’ll reach that point eventually). They still have censorship in matters of TV and movies, correct? They can’t own guns, they can’t have more than one child. China has banned activities like gambling, as well. I would hardly say that they are better off in “every way that counts”.