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stonestone
·Interesting story in the FT today, which reports today that "Chinese investors pick luxury watches over houses."
An excerpt:
In the eastern province of Jiangsu, Sam Yu, owner of an electric heater manufacturer and two apartments, thought his purchase of a Rmb700,000 Patek Philippe watch in August was a “wise” investment. “After two years I can sell the watch for a small profit,” said Yu, who made his most recent home purchase five years ago, “I won’t be able to do this with an apartment. Given policy uncertainties, it may take many months to find a buyer unless I offer a deep discount.”
In fact, I don't think it's just Chinese buyers who think this way. If you are wealthy enough and living in a country where your currency and assets are depreciating or other investment choices are limited, buying Rolexes and PPs might look like a sensible investment, if you can get your hands on them.
https://www.ft.com/content/a9a34f94-9a49-4938-ae9e-ec4e6d2f4838
An excerpt:
In the eastern province of Jiangsu, Sam Yu, owner of an electric heater manufacturer and two apartments, thought his purchase of a Rmb700,000 Patek Philippe watch in August was a “wise” investment. “After two years I can sell the watch for a small profit,” said Yu, who made his most recent home purchase five years ago, “I won’t be able to do this with an apartment. Given policy uncertainties, it may take many months to find a buyer unless I offer a deep discount.”
In fact, I don't think it's just Chinese buyers who think this way. If you are wealthy enough and living in a country where your currency and assets are depreciating or other investment choices are limited, buying Rolexes and PPs might look like a sensible investment, if you can get your hands on them.
https://www.ft.com/content/a9a34f94-9a49-4938-ae9e-ec4e6d2f4838
