China's wealthiest lavished 500 million yuan, or $63 million,
on Hennessy spirits, Porsche sedans, South African diamonds and
other luxury goods during a show in Shanghai, double the value of
transactions a year ago.
Top Marques, a four-day show that has its origin in Monaco,
attracted 12,000 visitors last week with exhibits of 70 luxury
brands, including $300,000 De Bethune watches and $426,983
Lamborghini sedans.
'China has embraced every aspect of luxury pursuits, whether
it's hunting, gambling, jets or yachting,' said Peter Thompson, a
partner of the yacht broker Cavendish White, whose clients include
the U.S. tycoon Donald Trump. 'There are a lot of rich people, and
they have a desire to explore new ways of life.'
The nation's luxury-goods market is growing as much as 60
percent a year and has been targeted by luxury retailers like Prada
Holding, Bulgari and Valentino. Economic growth that has averaged
9.7 percent a year since 1978 has created an