26 Apr '11, 10pm

Luxury carmakers see golden age in China

Luxury carmakers see golden age in China

One of Rolls Royce boss Torsten Muller-Otvos’ most memorable auto show moments came last year in Beijing when a man walked through the crowd to the carmaker’s stand and set down a suitcase. “Millions of renminbi,” the man said of the suitcase’s contents. “Really, that was amazing. He bought a Phantom ,” Muller-Otvos said. The Rolls Royce chief executive told AFP no cash buyers had come forward yet at the ongoing Shanghai auto show , but the exhibition has provided further proof for luxury carmakers that their future is in China. Sales of luxury cars are booming, reflecting the explosion of wealth in the world’s most populous country, which has 115 billionaires according to Forbes magazine’s 2011 list — second only to the United States. As soon as Muller-Otvos finished unveiling the new Ghost with an extended wheel base on Tuesday — the first time Rolls Royce has premiered ...

Full article: http://www.luxuo.com/automobile/luxury-carmakers-see-gold...

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