China Gets Sixth Rolls Royce Showroom
Because China’s five, huge showrooms just weren’t meeting the market’s demands, Rolls Royce has opened its sixth showroom in The People’s Republic. The new 4300 square foot palace resides in the relatively well-off region of Hangzhou, and should be large enough to shelter Rolls’ expansive, cough, lineup: the Phantom, long-wheelbase Phantom, Phantom Drophead Coupe and Phantom Coupe. In 2007, Rolls sold 1010 land yachts globally; 70 of which were in China, where they are are now impressing a populace that could no more afford an Anglo-German uber-sedan than you can pay off the U.S. debt with your Capitol One card. That said, there are over 6000 people in China worth more than $30m. Of course, there is something of a history of limos for the Chinese elite, where some members of the Cultural Revolution were more equal than others. Same as it ever was? Same as it ever was.
Immensely bored law student. I've also got 3 dogs.
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first of all, I've lived in Shanghai and Hang Zhou as a resident while attending school at Fu Dan university. Yes Rolls Royces are a PRESTIGE brand wherever you take them, but these cities are so poor (with the average person making far less than $20,000 per year) that you could have virtiually any big body German or American car and be a "big shot" there. An S550. A Cadillac Escalade. A 7 series, etc. Rolls Royces are shockingly awesome here in NYC Manhattan (as well as everywhere else). I saw a Phantom Drophead coupe for the first time 2 weeks ago and was stunned. The pics don't do it justice. I was equally stunned seeing a Maybach 57 in traffic next to me. I'm not sure why, but there is something touching about seeing an item that has tremendous percieved value, even if that value is all relative. Keep in mind, China is a very poor country. They have over 1.3 Billion people, but less than 1/10 of them are living as rich as our average talk show host. That wealth is concentrated in Beijing, Shanghai and Hong Kong on the mainland - and Taiwan overseas. The rest of the country is shocking poverty. Desert, people living in caves, people eating dirty food and living on agrarian diets. Yes China is getting better over time due to the communist totalitarian government pushing for advances in living conditions, but they have a LONG way to go.
Its not as hard as it used to be to actually "become" a millionaire. The trick is keeping the money. During 2004 - 2006, I was involved in the subprime housing market. Alot of the LO's doing the job didn't realize what was going on on wall street and how the market would ultimately implode. Back then, anyone dealing in real estate could get rich very quickly. A 24 year old kid for example bought 8 houses (lying on his 1003's) and shorted the equity from each which made him a milli in less than a month. I worked in a business where the average LO made over $7000 a month. In the month of December 2005, my friend cleared $15,000. NEW MONEY people have found ways to make lots of money quickly. The challenege is saving it and making it work for you. Most super rich people aren't going to drive a luxury saloon like this. They are usually used as limos.
IIRC, Rolls Royces cost twice as much in China as they do here, due to tariffs laid on foreign cars, taxes, etc. I would argue it's even more of a prestige symbol, at least for me. I saw a Drophead when they had just come out and I see Phantoms more often than R8s. The owner of the hookah bar I go to often, parks his Phantom (lic plate "Fathi 3") curbside when he's there. How a hookah bar owner can afford a Phantom is beyond me. Flashpoint : The dude who made the awful movie "Redline" ran a subprime mortgage lending operation that rejected people with a score 425 or higher. Cosmic justice?
Mao must be turningin his grave!