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10 Absurdly Extravagant Purchases by the Chinese Ultra-Rich
10. A Dog With “Lion’s Blood”
Even the richest people in the world are prone to having four-legged best friends, as Paris
Hilton and her chihuahua Tinkerbell once proved, though normally such pals do not cost $2 million
US dollars. That is approximately how much a mysterious “property developer” paid
to buy his Tibetan Mastiff, a type of shaggy, lion-looking dog with a strong pedigree and
huge proportions. This specific puppy, one of a pair of twins, weighed almost 200 pounds
already, and was considered by the breeder (doing an excellent sales job) to have “lion’s
blood” that would make him a “top-of-the-range mastiff stud”.
But while this $2 million dollar purchase in early 2014 certainly set a new pet-precedent,
Tibetan Mastiffs had already been recognized as a status symbol for rich Chinese since
at least 2011, when another similar pup sold for (only) $1.5 million dollars.
9. Two Gold Apple Watches…For Two Paws
If the ultra-wealthy amongst the Chinese are liable to spend millions on their furry companions,
then perhaps it’s not so shocking that they may also drop wads of cash for the best in
animal accessories. But does any dog really need one, much less two, of the latest Apple
product?
*** Sicong, the 27-year old son of one of the richest men in China, seemed to think
so. In May of 2015, he bought a couple of the electronic wearables for his husky Keke
and posted the evidence to Weibo, a popular Chinese social media platform. These were
the same model of gold Apple Watches that had originally sold out just one hour into
their first day of release in China, even at the asking price of up to $20,000 each.
Of course, despite the overwhelming demand for the gold watches, not everyone in China
was of the same mindset, with Mr. *** and Keke receiving outraged Weibo comments decrying
the money squandered on these new toys.
8. Australia’s Highest Priced Apartment
The tallest building in Melbourne, Australia is still being constructed, but is expected
to be ready in 2019. Sitting at the top level of this building will be a magnificent penthouse
– one that covers 750 square feet, is worth $25 million Australian dollars, and now belongs
to a Chinese businessman.
Described as a “very private and extremely wealthy Chinese national with a family who
spends time in New York, London and various parts of China, as well as Melbourne”, this
lucky purchaser will (soon enough) enjoy his privacy from the 100th floor with a 360-degree
view of the city that he lives in (sometimes). Along with a glass elevator to take him up
from the private entrance at floor 98, the penthouse will also boast a three-story spiral
staircase and a private rooftop courtyard for star-gazing. The businessman might also
be joined by his fellow countrymen, as reports have shown that Chinese buyers are purchasing
around 12% of the new homes in Australia.
7. China’s Costliest Car
Focusing closer to home, another Chinese businessman became the first owner of a Hongqi L5 luxury
sedan when he ordered one for just over $800,000 US dollars from the 2014 China Auto Show.
Although not the most expensive car the globe has ever seen (that honor goes to the Bugattis
and special-edition Lamborghinis of the world), the Hongqi does rank as the most valuable
Chinese car ever made. For comparison’s sake, the Audi R8 automobiles made famous
in the Iron Man movies retail for under $1200,000 each, which means that this unnamed Chinese
businessman is easily at least as rich as Tony Stark.
With “Hongqi” meaning “red flag”, and with previous models having served as
the official car of the Communist Party, this purchase of the modern Hongqi sedan seems
a patriotic choice. Either that, or a necessary one, as the Chinese government started to
ban certain foreign brands, including Audi and BMW in 2011, to encourage more domestic
production.
6. A “Chicken Cup” Worth Over $35 Million
For some of China’s ultra-rich, collecting antiques seems to be a sound investment. In
this area, perhaps no antique purchase was as newsworthy (for a few different reasons)
as Liu Yiquan’s successful 2014 bid of over $35 million for a “chicken cup”. So-called
because of the chicken drawings on its sides, this rare palm-size porcelain collectible
is over 500 years old and regarded as the ‘holy grail’ of Chinese art.
So as the proud owner of such a special item, what might one do with it? Well if you were
Mr. Liu, you would have chosen to drink tea from the antique treasure while still at the
auction site, and then have your photo from this indulgent moment go viral and cause anger
across the country at this improper display of wealth! But on the upside, Mr. Liu did
also earn 422 million American Express points for his special purchase, after needing to
swipe his card 24 times to complete the transaction.
5. A Silk Tapestry Worth Over $45 Million
Not to be outdone by, well, himself, Liu Yiquan’s major purchases in 2014 also included a Tibetan
“thangka” (a silk tapestry, the only one of its kind owned privately), which set a
new record for the value of Chinese art work sold at an international auction. Liu acknowledged
the auction to be a “very tough battle” with a “reasonable” final price, and the
win allowed the multi-millionaire to again make headlines while adding to his collection
at his private Long Museum.
Having come from humble working-class beginnings, Liu has been recognized in his country as
“uncultured”, yet leads the way in fine-art collection and the celebration of national
art and artists. A younger generation of Chinese art collectors has followed suit, with contemporary
art purchases of merely a few million dollars at a time.
4. A Whole Bunch of Properties in Vancouver
When it comes to real estate, Vancouver has become known as both one of the best places
in the world to live and correspondingly, one of the most expensive places in North
America. The latter fact hasn’t seemed to phase the numerous Chinese foreign investors
who have scooped up a number of properties in the Vancouver area for sometimes shocking
prices.
In 2014, a Chinese buyer paid almost $52 million Canadian for a mansion that included a 10-car
parking garage. Another 2014 house purchase in a posh area of the city saw Chinese buyers
paying $8 million Canadian, which was $2 million over the original asking price.
But while they bring big money to the table, the prevalence and power of Chinese buyers
have caused some concern for locals citizens who wonder about the long-term effects on
the real-estate market. At the same time, without these circumstances, we would never
have been graced with the existence of the reality Youtube series Ultra Rich Asian Girls
in Vancouver, which would have been a great loss to society indeed.
3. A Custom Grand Piano With Crystallized Gold
With one of the most famous and talented modern pianists, Lang Lang, coming from China, it
seems fitting that some of the Chinese super-rich choose to spend their wealth on luxury musical
instruments. The best example of this might be the Sound of Harmony, known as the world’s
most expensive Steinway grand piano, constructed over a period of about four years for about
1.2 million British pounds. This elaborately designed and named piano has a peacock-image
theme, and was built using 40 layers of different woods and branded with the Steinway logo in
crystallized gold.
And while the Sound of Harmony may be in a class of its own at the moment, it is conceivable
that there may be more luxury Chinese pianos emerging in the near future, as there are
now over 40 million Chinese children striving to become the next piano legend.
2. The Most Expensive Hotel in the World
If $25 million for an Australian penthouse and $50 million for a Canadian mansion were
not quite impressive enough, then perhaps the purchase of the Waldorf Astoria Hotel
in New York City might fit the bill. For the bargain price of just under $2 billion, a
group of Chinese businessmen and their insurance company secured ownership of this historic
Big Apple building in late 2014 (with an initial deposit of $100 million).
Formerly owned by the Hilton family, the Waldorf is situated above Grand Central Station and
known for its Art Deco design and famous salad that includes apples, walnuts, and a mayonnaise
dressing. With plans for a major renovation to restore the hotel to its “historic grandeur”,
it probably won’t be too long before the hotel starts paying for itself with visitors
eager to enjoy the modern Waldorf experience.
1. An $11 Million Dollar Wedding Day
Most parents would likely agree that their child’s wedding is a joyous occasion to
be celebrated, and many parents might even chip in for some of the costs. But for Xing
Libin, a chairman of the Shanxi coal mine company, no expense was too much for his daughter’s
big day in spring 2012.
Rumored to have cost over $11 million US dollars in total, Xing footed the bills for three
private jets to fly friends and family to the special occasion, as well as rooms at
the Marriot, Ritz, and Hilton five-star hotels. And of course, there was his daughter’s
dowry of six Ferraris (because clearly five was not enough).
However, as extravagant as this event was, it has already been eclipsed by another multi-million
dollar Chinese wedding that featured only one red Ferrari but did include a convoy of
30 Rolls-Royce Phantos and a fleet of luxury motorcycles. And the pricetag for this particular
occasion? Almost three times what Xing had paid!