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The Financial Crisis is Not For China!
Beijing's Jinbao Street is the must-visit address for billionaires with yuan to burn. Once a maze of alleys, the 800-metre (yard) stretch of road is now home to Rolls-Royce, Bugatti, Lamborghini, Gucci, Cartier, the exclusive Hong Kong Jockey Club and several five-star hotels.
"Our customers are 100 percent Chinese, and very rich," explained Wilson Ho, managing director for Lamborghini, as he showed off a sparkling white Murcielago convertible, which can hit 325 kilometres (200 miles) an hour.
Ho, who also represents Bugatti and Rolls-Royce in the Chinese capital, describes his clients as "successful entrepreneurs from the property business, entertainment, the financial sector, coal mining and steel manufacturing".
"They are very, very young -- a majority of them are in their early 20s," he said.
"For some people here, money is nothing, they come and they buy a car in one hour... and they settle the payment in full. We're talking about cars that are six, seven, eight million yuan!"
The Shanghai-based Hurun Report earlier this month published a list of the country's 1,000 richest people -- many of whom made their fortunes in real estate and the stock market, and 130 of whom are dollar-billionaires.
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