The tour that is Chinese

Just how confident is Los Angeles property broker Erik Coffin that he can interest Chinese clients in high-end Las Vegas villas? He’s charging $4 million a month for a quick glimpse.

It isn’t just any tour. The marketing push is set to start next month for these twice-monthly journeys that cost $250,000 a pop for a seven-day, private jet and Rolls Royce-chauffeured trip to the American heartland. Eight-person groups also will be offered consultations on plastic surgery, picking the sex of a child and wealth-management.

“It’s already a win for us,” said Coffin, 42, who employs 18 Mandarin speakers, almost a third of his staff, at Gotham Corporate Group, which recently opened an office in Beijing.

Here is one response:

“People usually come to the U.S. shopping for luxury bags or expensive clothes, but I bought a home,” said Lin, who owns a petrochemical export business in the eastern Chinese province of Zhejiang. “Maybe I’m crazy and a bit impulsive, but it was a better deal than buying a similar type of home in downtown Shanghai. And I just really like the city. It’s as simple as that.”

The full story is here, by Bonnie Cao.

Comments

Plastic surgery, picking the sex of a heir, and wealth management. They do know the nouveau riche.

At low-but-still-substantial 250k per pax they're picking up the Chinese who are cash-flush but not really knowledgeable about how to move it - the sort of family that doesn't have their own people to do the buying on their behalf.

The Chinese are very superstitious. Somebody should have changed his surname.

How many nouveau riche Chinese are there per article written about them? My guess is 100.

'And I just really like the city. It’s as simple as that.'

And the fact that he is parking a significant amount of money where it won't be noticed, hopefully, is just following the Party's line, after all - 'Close relatives of China’s top leaders have held secretive offshore companies in tax havens that helped shroud the Communist elite’s wealth, a leaked cache of documents reveals.

The confidential files include details of a real estate company co-owned by current President Xi Jinping’s brother-in-law and British Virgin Islands companies set up by former Premier Wen Jiabao’s son and also by his son-in-law.

Nearly 22,000 offshore clients with addresses in mainland China and Hong Kong appear in the files obtained by the International Consortium of Investigative Journalists. Among them are some of China’s most powerful men and women — including at least 15 of China’s richest, members of the National People’s Congress and executives from state-owned companies entangled in corruption scandals.' http://www.icij.org/offshore/leaked-records-reveal-offshore-holdings-chinas-elite

They are doing the same (buying premium real estate) in other countries, for example Portugal and Spain... Deep down they know, that the chinese regime's future is not guaranteed, so better to move a part of your wealth to a more stable country.

In Portugal buying real estate worth more than €500,000 gives you a "golden visa", granting residency to the buyer. That's worth far more than the property itself.

Yes, I know. However this scheme to supposably attract new investors ended up in a big corruption scandal and is now in stand-by mode.

"American heartland" ? ..... I hope not!

Yes, some Filipino church sect bought 1000+ acres in South Dakota a while ago, and we know about those Indian sects in Big Sky country USA. The foreigners are coming to get ya! Land is cheap in the USA. Here in Manila roughly 30+M people fit into an area about the size of Greater Washington DC (not even going as far as Baltimore either).

Las Vegas is America's heartland? There's a bad joke in there, wanting to come out.

The way to Americas heartland is through its all you can eat buffet? I can do better, give me a moment.

How much is this connected to David Shambaugh's observations?

Is it $4 million per month or $250k per week?

They do two 8-person 7-day tours, then take a fortnight off.

Erik Coffin is a traitor.

A patriot would never agree to be a comprador, although I do have to admire his hustle.

Of course, Tyler Cowen and Alex Tabbarok are traitors too, so I suppose they cheer such shameful behavior.

Comments for this post are closed