From Chinese Press

Display of wealth disturbing

(China Daily)
Updated: 2010-08-25 09:10

A real estate company in Nanjing, Jiangsu province, has made its agents wear Giorgio Armani suits in office, which costs a minimum of 10,000 yuan each. This may be part of the company's sales and advertising strategy, but such naked display of wealth is an unhealthy sign, says an article in China Youth Daily. Excerpts:

The expensive Giorgio Armani suits that a Nanjing real estate company makes its agents wear to attract high-end consumers is hurting people's sentiments, especially of those who cannot afford to buy a house, let alone think of buying expensive clothes.

There's nothing wrong with display of wealth per se, and the public doesn't have an inborn aversion to it.

In fact, the display of wealth that is accumulated through legal means could inspire people who are not so well off to try to catch up with their successful fellow-citizens.

But the truth is, the exceptionally expensive suits that the real estate agents wear are part of the wealth that developers have amassed by exploiting the housing market.

The public hates such display because it knows the money that goes into presenting their high-end image comes from the profit made from the skyrocketing housing prices.

The people know, too, that real estate developers and some officials are allegedly playing a big role in inflating the already big bubble in the housing market.

The alleged official-real estate developer nexus is the primary reason why the government's macro-control measures have not been that effective.

Rising housing prices have forced many a person to spend their lifelong savings and more to buy a house.

And the demolition of more old houses to build more highrises, thanks to the alleged developer-official, is pushing up housing prices further.