Bizarre Things Super-Rich Chinese Do With Their Money
Most wealthy Chinese invest quite carefully, but when the millions start piling up? We put together a list of some of the quirkiest things that ultra wealthy — Super-Rich Chinese people invest an obscene amounts of money in. China is expected to become the world’s largest luxury goods market by 2015.
To maintain a ‘firm grip’ on real estate, chinese government has been tightening its property curbs since 2010, wealthy Chinese investors — has led many Super-Rich with few investment options. Below, a round-up of some of the Bizarre things that ultra wealthy Chinese investors have done with their money! Chinese are putting their money in some pretty odd places- There’s no limit when you’re a billionaire!
Walnuts (Price: from $8,000 to $10,000)- China’s wealthiest are now driving up walnut prices, with walnuts costing as much as tens of thousands of dollars, Walnuts which cost 350 yuan ($56) 10 years ago, now cost as much as 3,500 yuan, or 20,000 – 30,000 yuan now.
Racing-pigeons (Price: from $250,000 to $500,000) – Wealthy Chinese have been spending as much as $250,000 on racing-pigeons and prices are expected to go up to about $500,000. Thomas Gyselbrecht of Pigeon Paradise (PiPa), a Belgium-based auction house, says that of the 11 pigeons worth over €100,000 it has sold, nine went to Chinese buyers, five in the past year.
Jade – more expensive than gold (Price: $100,000+) – Prices of jade first started rising in 2005, with trade volume in Yunnan going from under 20 billion yuan in 2005, to over 30 billion yuan in 2011. An ounce of jade could cost $3,000 in China, in 2010, ten times as much as it cost in 2000.
Art and artfunds (Price: $900+ million) – Investment in art funds was said to be over 5.7 billion yuan ($900 million) according to a July report from Eastmoney via The Art Newspaper.
Stamps (Price: $1.1 million) – A rare block of four stamps from the Cultural Revolution sold for US$1.1m – an all-time record for a Chinese stamp or multiple. Including a 15 per cent buyer’s fee, the anonymous buyer paid over US$1.3m for the stamps.
But experts have warned of a bubble and that few stamps are of real value: “The Chinese postage stamp auction market has recently heated up again, but experts warn what’s in the attic probably isn’t worth very much. Unless it’s from the “cultural revolution” period (1966-76) or the Qing Dynasty (1644-1911). Significance, rarity and condition determine value.”
Aged Tea (Price: $20,000 to $25,000) – 345 grams of high-end Chinese teas like Pu Erh, that can be aged for 100-years, can cost over $25,000. A tea grower that used panda dung to fertilize his tea plant, sold 50 grammes of tea for $3,500.
Wine (Price: $100,000+) – China is one of the largest export market for expensive wines. And Super-Rich Chinese have been investing in wine and vineyards. High quality global journalism requires investment. At a Sotheby’s auction in Hong Kong last autumn a bidder paid £43,000 ($68,000) for a case of 2009 Château Lafite – nearly three times more than it would fetch in London.