"My Daddy’s Rich And My Lamborghini’s Good-Looking": Meet The Rich Chinese Kids Of Vancouver

Tyler Durden's picture

By now, the only people in the world who are not aware that Vancouver has been overrun by Chinese "hot money-parking" oligarchs, who rush to buy any and every available real estate leading to such grotesque charts as the following showing the ridiculous surge in Vancouver real estate prices...

... are officials from the prvincial government conveniently turning a blind eye to what is a very clear real estate bubble. Which perhaps is understandable - for now prices are only going up, giving the impression that all is well even if it means locking out local buyers from being able to purchase any local housing. It will be a different story on the way down.

But instead of focusing on the culprit of this regional housing bubble, this time we'd like to present the "rich kids" of the Vancouver's new invading billionaire class, who according to the NYT are also filthy rich.

Meet Andy Guo, an 18-year-old Chinese immigrant, who loves driving his red Lamborghini Huracán. He does not love having to share the car with his twin brother, Anky. "There’s a lot of conflict," Mr. Guo said, as a crowd of admirers gazed at the vehicle and its vanity license plate, “CTGRY 5,” short for the most catastrophic type of hurricane.

The 360,000-Canadian-dollar car was a gift last year from the twins’ father, who travels back and forth between Vancouver and China’s northern Shanxi Province and made his fortune in coal, said Mr. Guo, an economics major at the University of British Columbia.

 

The car is more fashion than function. “I have a backpack, textbooks and laundry, but I can’t fit everything inside,” he lamented. And that is not the worst of it. “A cop once pulled me over just to look at the car,” he said.

The story behind the story is well-known. As the NYT summarizes, "China’s rapid economic rise has turned peasants into billionaires. Many wealthy Chinese are increasingly eager to stow their families, and their riches, in the West, where rule of law, clean air and good schools offer peace of mind, especially for those looking to escape scrutiny from the Communist Party and an anti-corruption campaign that has sent hundreds of the rich and powerful to jail."

Their target of choice: Vancouver.

With its weak currency and welcoming immigration policies, Canada has become a top destination for China’s 1 percenters. According to government figures, from 2005 to 2012, at least 37,000 Chinese millionaires took advantage of a now-defunct immigrant investor program to become permanent residents of British Columbia, the province that includes Vancouver. This metropolitan area of 2.3 million is increasingly home to Chinese immigrants, who made up more than 18 percent of the population in 2011, up from less than 7 percent in 1981.

The stats are also known:

Many residents say the flood of Chinese capital has caused an affordable housing crisis. Vancouver is the most expensive city in Canada to buy a home, according to a 2016 survey by the consulting firm Demographia. The average price of a detached house in greater Vancouver more than doubled from 2005 to 2015, to around 1.6 million Canadian dollars ($1.2 million), according to the Real Estate Board of Greater Vancouver.

And according to Knight Frank, in the last year alone Vancouver home prices soared by 25%, the most in the entire world "due to lack of supply, foreign demand and weaker Canadian dollar." Understandably, residents angry about the rise of rich foreign real estate buyers and absentee owners, particularly from China, have begun protests on social media, including a #DontHave1Million Twitter campaign. The provincial government agreed this year to begin tracking foreign ownership of real estate in response to demands from local politicians.

But neither the soaring prices, not the groundswell in anger has had any impact on the new class of uberwealthy Chinese. Indeed, as the NYT adds, "the anger has had little effect on the gilded lives of Vancouver’s wealthy Chinese. Indeed, to the newcomers for whom money is no object, the next purchase after a house is usually a car, and then a few more."

One group of people is particularly happy: local car dealers.

Many luxury car dealerships here employ Chinese staff, a testament to the spending power of the city’s newest residents. In 2015, there were 2,500 cars worth more than $150,000 registered in metropolitan Vancouver, up from 1,300 in 2009, according to the Insurance Corporation of British Columbia.

 

Many of Vancouver’s young supercar owners are known as fuerdai, a Mandarin expression, akin to trust-fund kids, that means “rich second generation.” In China, where the superrich are widely criticized as being corrupt and materialistic, the term provokes a mix of scorn and envy. The fuerdai have brought their passion for extravagance to Vancouver. White Lamborghinis are popular among young Chinese women; the men often turn in their leased supercars after a few months in order to play with a newer, cooler status symbol.

You will know them by their Lamborghinis: hundreds of young Chinese immigrants, along with a handful of Canadian-born Chinese, have started supercar clubs whose members come together to drive, modify and photograph their flashy vehicles, providing alluring eye candy for their followers on social media.

From left, Loretta Lai, Chelsea Jiang and Diana Wang attended a reception
at a Lamborghini dealership last month in Vancouver, British Columbia

Call it the rich Chinese kids of Instagram... in Vancouver.

The Vancouver Dynamic Auto Club has 440 members, 90 percent of whom are from China, said the group’s 27-year-old founder, David Dai. To join, a member must have a car that costs over 100,000 Canadian dollars, or about $77,000. “They don’t work,” Mr. Dai said of Vancouver’s fuerdai. “They just spend their parents’ money.”

Because they are rich, they are confident they own the town: "occasionally, the need for speed hits a roadblock. In 2011, the police impounded a squadron of 13 Lamborghinis, Maseratis and other luxury cars, worth $2 million, for racing on a metropolitan Vancouver highway at 125 miles per hour. The drivers were members of a Chinese supercar club, and none were older than 21, according to news reports at the time."

And when a mere Lamborhini is not enough, there is always a Rolls-Royce:

On a recent evening, an overwhelmingly Chinese crowd of young adults had gathered at an invitation-only Rolls-Royce event to see a new black-and-red Dawn convertible, base price $402,000. It is the only such car in North America.

For some, such as Jin Qiao, 20, the price is no object: a baby-faced art student he moved to Vancouver from Beijing six years ago with his mother. During the week, Mr. Jin drives one of two Mercedes-Benz S.U.V.s, which he said were better suited for the rigors of daily life.

Ms. Jiang at the Lamborghini dealership. Credit

His most prized possession is a $600,000 Lamborghini Aventador Roadster Galaxy, its exterior custom wrapped to resemble outer space. A lanky design major who favors Fendi clothing and gold sneakers, Mr. Jin extolled the virtues of exotic cars and was quick to dismiss those who criticized supercar aficionados as ostentatious. “There are so many rich people in Vancouver, so what’s the point of showing off?” he said.

Where does the money come from for these "toys" which most people will live all their lives and never be able to afford? His parents of course. Asked what his parents did for work, Mr. Jin said his father was a successful businessman back in China but declined to provide details. “I can’t say,” he stammered with evident discomfort.

The corruption behind the nouveau China riche is well known, but as long as its flows those on the receiving end of the fund flows, are happy. "In Vancouver, there are lots of kids of corrupt Chinese officials,” said Shi Yi, 27, the owner of Luxury Motor, a car dealership that caters to affluent Chinese. “Here, they can flaunt their money."

Not every has a penchant for supercars. Take Diana Wang, 23,  who thinks a supercar is a poor investment, because its value decreases over time. "Better to spend half a million dollars on two expensive watches or some diamonds,” said a University of British Columbia graduate student who said she owned more than 30 Chanel bags and a $200,000 diamond-encrusted Richard Mille watch.

Ms. Wang, right, at the Lamborghini reception. Left, Paul Oei
photographed his wife, Ms. Lai, with a new car

Now those are some good investments. Her business accumen has helped her land a starring role on the online reality show “Ultra Rich Asian Girls of Vancouver,” and normally drives her parents’ Ferrari or Mercedes-Maybach when she visits them in Shanghai.

But, get this,  in Canada, her parents gave her a strict car budget of 150,000 Canadian dollars ($115,000), so she drives the less-flashy Audi RS5.

“I could be in danger if people saw me in a supercar,” she said, her Breguet watch, worth more than a BMW, glinting in the sunlight as she drove the Audi through town.

But don't call Ms. Wang spoiled: four years ago, to learn the value of money after her friends criticized her spending habits, Ms. Wang spent three days on the streets of Vancouver, playing homeless. She said she had left her mansion with no phone, identification or wallet, wearing Victoria’s Secret pajamas and $1,000 Chanel shoes.

While in voluntary poverty, she lined up for donated food and felt the sting of humiliation after she was kicked out of a Tim Horton’s fast-food restaurant for falling asleep at a table. The experiment, she said, gave her a new appreciation for her parents’ financial support.

"Before that experience, I never looked at a price tag,” she said. "Now I do."

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OrangeJews's picture
OrangeJews (not verified) Apr 12, 2016 7:38 PM

And yet their breath still smells like ass!

J S Bach's picture

Isn't it Ramborghini in Chinese?

quintago's picture

they all look like the marrying type...

Bumpo's picture

I sense Icarus flying a little close to the Sun. Still, I wouldn't mind spending a weekend with Ms. Jiang of that Yellow Lambo.

Restorative_Ally's picture

I guess they need a car to make them stand out since they all look alike.

maskone909's picture

How do you know when your house has been broken into by chineeses? Your math homework is all done, your electronics are all repaired, and your car was crashed in the driveway.

johnnycanuck's picture

Let a Chinese person test drive the car you are trying to sell at your own peril.  They really should ask for a meet up at a vacant parking lot if they had any concern for the safety of the public, 

Casanova's picture
Casanova (not verified) johnnycanuck Apr 12, 2016 8:28 PM

What about an expose on the KIDS of AMERICA'S SUPRA RICH. These >> https://goo.gl/bFYusM

Kissy Ass's picture

These Chineses better buy some global media outlets so they can shitcan these stories. Hire some jew consultants.

jbvtme's picture

they are jews except they have even less class

Automatic Choke's picture

All your houses is berong to us.

old naughty's picture

oh yea, didn't they pay 500-1000K above market?

Rich!

Beam Me Up Scotty's picture

My daughter has told me about the kids from China at her school.  She's a junior at the U of Minnesota.  There are a few that drive Lamborghinis.  What I want to know is, are they paying the same tuition I am paying for MY kid---and it should be higher since they aren't state residents?  Or are they here on some government funded free ride (at my and every other taxpayers expense)?? 

Northern Lights's picture

Trust me, they're paying more.  Something like double the average cost of the program per year..  Universities love these foreign students.  I know the Canadian Universities love them a whole lot for this reason.  I think for 1st year in business, the tuition for a Canadian kid is close to $10K.  A foreign student would pay over $20K for one year.

Handful of Dust's picture

I wonder if she nicknamed her car, "Black Lung" just for kicks.

 

 

 

 

stacking12321's picture

"Many wealthy Chinese are increasingly eager to stow their families, and their riches, in the West, where rule of law, clean air and good schools offer peace of mind"

RULE OF LAW!?

ROR!

good schools is debatable, too.

 

LowerSlowerDelaware_LSD's picture
LowerSlowerDelaware_LSD (not verified) stacking12321 Apr 12, 2016 10:26 PM

"All your white women are belong to us."

manofthenorth's picture

"Better to spend half a million dollars on two expensive watches or some diamonds,” said a University of British Columbia graduate student.

Some education there.

I may be just a stupid rock washer but I thinlk I would put the half mil on 31,000 ozt of SILVER.

But then I got my degree from Concrete Universty.

xythras's picture
xythras (not verified) manofthenorth Apr 13, 2016 5:54 AM

TRUMP will put an end to this nonsense.

After awhile with Trump in office, those chinese brats' parents won't know what hit them.

Laowei Gweilo's picture

you do realize the story is about Vancouver, right? =p

FEDbuster's picture

I am reminded of the famous Great Depression picture of the guy in a nice suit standing in front of his nice car with the sign the reads "$100 will buy this car must have cash lost all on the stock market".

EddieLomax's picture

I wonder how they react when they find out the local neighbourhood is going Islamic?

techpriest's picture

"RULE OF LAW!?

ROR!

good schools is debatable, too."

You have to compare it to where they are coming from. Basically, post-Tiananmen, tons of opportunities opened up for Chinese people to catch all of the US wealth coming into their country during offshoring. This was either through (mostly) legit business or by raiding government coffers via the corruption culture. In the process of making all that money the environment was wrecked, and the whole rich/poor divide is starting to make things dicey, so... now the parents are helping their kids get out while the getting's good.

Aside from this, I knew a couple of these kids at my school. The ones who came from well-off but not elite families were usually ok, but the children of elite parents often were monsters. The ridiculous displays of wealth weren't as bad as the general attitude that everyone else is "beneath" them.

Meanwhile, President Xi doesn't want to see that money leaving, so the doors are closing. My wife is watching the Chinese-language news, and we're seeing sudden new restrictions imposed every month right now. Capital controls, high tariffs on stuff like baby formula brought into China, and mass passport seizures, among other things.

However, these restrictions don't seem to apply to the people with the right connections.

Ace Ventura's picture

I'm not so sure. Depends on the state I suppose. In many states children of immigrants are given IN-STATE tuition rates, while AMERICAN citizens from other states are charged ALOT more. And for extra special cream-topping.....some states grant in-state tuition rates for the children of ILLEGAL immigrants.

Are we pissed off yet?

Richard Chesler's picture

I think i'm turning Japanese I rearry think so...

MayIMommaDogFace2theBananaPatch's picture

 

No sex, no drugs, no wine, no women
No fun, no sin, no you, no wonder it's dark
Everyone around me is a total stranger
Everyone avoids me like a cyclone ranger
Everyone

Mr. BaGoggles's picture

I think we're going to put you in the new Auschwitz facility under construction, racist.   :-)

Oldwood's picture

Another lost generation of people who will accomplish nothing in their lives but consume. Humans need accomplishment to have any sense of self worth, something you will never get from the seat of a lambo...unless you actually EARNED IT.

Stuck on Zero's picture

Common Core math says:

Consumption == Accomplishment.

 

MsCreant's picture

"a Chinese person test drive the car you are trying to sell at your own peril.  They really should ask for a meet up at a vacant parking lot if they had any concern for the safety of the public"

 

I was in the car recently with a Chinese driver. OMG! She is a wonderful person, sweet, smart, etc. but wow! The testing person, she told me, let her pass because she felt bad for her being a mother and, you know, she needed to get around. Holy shit! She can't stay in lanes, I mean it. Very unconfident. Constantly apologizing, asking me not to tell anyone how bad she was. I directed her alot and told her about the major roads and how they are related to each other. She only drives back and forth to work, she does not vary otherwise. 

She is a bad ass on computers, she is a bad ass with economic theory. In her work she is very critical of government interventions in Chinese economy. She teases out some shit in her models, good stuff. Driving, holy hell. Scary shit. In her defense, she does not drive fast enough or assertively enough to get into a big bad accident. It's a Magooish kind of thing, a wake of little "oppses." She has been here over 7 years.

Freddie's picture

Magooish kid of thing.  man you must be old.  Mr. Magoo with Jim Backus was hilarious.

Italian women drivers in Italy.  They all think they are team drivers for Ferrari.

German women drivers are pretty good.

https://www.youtube.com/watch?v=5KiC03_wVjc

Automatic Choke's picture

Freddie -- Missy isn't old, she's my age.     Middle age and getting younger every year!

Yes, McGoo is the right analogy here.   I've seen it too.  Staying in lanes seems to be pretty hard for asians (god, i hate to generalize like that), but what is worse is that they don't understand the gas pedal.  You get on a freeway with hills, and they hold the pedal at one position, slowing down to 45 on the uphills and speeding up to 95 on the downs, with no apparent realization of what they are doing.  "AAAAGGGHHH!!!!!!!    Stop it you asshole, pay attention to this friggin car, it is a big heavy blunderbuss and if you don't watch your ass you will kill yourself and take 10 of us with you!!!!!"

Abbie Normal's picture

Many people that learned to drive in big cities in Asia likely never drove faster than 40mph until they moved overseas.  For them, 60-80 seems like warp speed and they aren't comfortable with the reaction times required.

Also, anyone that has experienced Asian city traffic knows that lane markers are just for show.  On a two-lane road, as many as four cars could be sharing the space.

StychoKiller's picture

"French girls want Cartier, Italian girls want cars,

American girls want everything in the World you can possibly imagine!" -- "Some Girls," -- Rolling Stones

Automatic Choke's picture

"English girls are so prissy, I just LOVE them on the telephone..."

 

you tell it, Mick.   what was that you said about black girls?

 

buttmint's picture

johnnycanuck +1,000 for that semi rayciss comment----one can charged with DWA---Driving While Asian."

It goes like this---the West is the Occident where linearity, rule of law(hopefuly), can-do philosophy and thrust of single, bold achievement is still rewarded(somewhat).

Throw into this mess human beings that have difficulty catching up to the technology that America had a big head's start. The difference between the Orient and Occidental. They missed out on the "driving a rust bucket of a car in the woods of rural Michigan in the 1960s---we called it "Donnie's Driver's Ed." What better way to learn to drive with 12-15 of your buddies criticizing your every move? The Chinese did not have this peer group learning pressure.

They went from Ox Cart to Lambo---something's gotta give.

Head to YouTube, type in "Chinese Car Crashes."

Frankie Carbone's picture

CHINESE PREGNANCY TEST: Put an unsolved Rubik's cube into her vagina. If it comes out solved, she is pregnant. 

MsCreant's picture

Thats a lie!

The vag muscles could solve it.

Silly, promoting myths like that. Raycyst.

MayIMommaDogFace2theBananaPatch's picture

Would you be willing to demonstrate that for the rest of us?

Please?

Automatic Choke's picture

If you get all the sticky stuff into the interior of the cube, it will get all skanky and it won't turn fast.  Not recommended, use fingers.

johnnycanuck's picture

You just described the essence of the  American dream.   Do you realize that?

Miles Ahead's picture

No he (@Restorative Ally) doesn't.  But he did, except for the part of "they all look alike". 

Yeah, and they all look alike... and that look is - super fine.

Don't hate... in your Toyota Prius.

Nexus789's picture

Not easy when they all have Lambos 

Mr. Magoo's picture

With all that money you would think she could buy a better looking pair of jeans. and whats up with the Herman Munster shoes

Frankie Carbone's picture

You'd have to be willing to wipe the dental plaque off of your ying-ying after she do sucky sucky. She love you too much. She number 1 sucky fucky, 

Janet Shalom Bernanke's picture

These same kids will be roasting dead rats over open flame in the alley when this e-con-o-me gets to it's final destination.

She will long have sold her $1000 shoes for a slice of stale bread.  

sessinpo's picture

Odds are all of us will be roasting rodents for food. That is, those of us still alive.