Hong Kong's Sad Cult of Materialism

http://online.wsj.com/video/hong-kong-million-dollar-watches/C4C6E169-CDE3-44B9-A97C-254DEC997F98.html

HK has over 7 million people. WSJ made a SWEEPING stereotypical statement about HK people. Yes, there are rich tycoons who indulge, but the majority of the wealthy people who can afford this, don't believe in investing in bling bling. They'd rather invest in cement and bricks, and the Hang Seng Index. It's the transient PRC visitors who enters to shop till they drop, pushing up prices from hospital private wards, to all physician rates (they arrive to come for health checks), to baby's milk powder, to real estate, at the expense of the HK citizen. Most of the consumer stores selling practical items, food stores, in CWB, TST, CWB disappear and replaced by those selling luxury items. All because of the 30% sales tax in PRC.



HK residents are not any more flashy than New York or London etc etc. The hype is tax-driven by PRC visiting buyers. I am surprised that as a repectaed mainstrem media, WSJ gets away with stereotyping which is politically incorrect.