Wed Post #1: Craigslist ad from Chinese student selling Lamborghini a fake?

About a month ago there was a bit of interest created when this Craigslist ad appeared offering a Lamborghini Murcielago LP670-4 Superveloc for sale for $388,888 (click on image to enlarge).

Said the ad:

“I'm returning to China next year after graduation so I have to sell it. Serious buyers only. Asking $388,888 firm. Will also accept trade + cash to take the car back to China. Value of trade must be $200,000 minimum. Must sell before Lunar New Year.”

To many it was another sign of the Hot Asian Money (HAM) that is credited with massively inflating property values here.  It is almost a Vancouver sport to spot Lamborghini driven by young Asian men sporting the new driver 'N' label which all people must display when the originally obtain a driver's licence.

It is the quintessential emblem that rankles regarding the whole issue of HAM. But is the November 11th Craigslist ad, which has gone somewhat viral since it's posting, legit?

Ian Young, who writes a blog for the South China Morning Post from Vancouver called "The Hongcouver", says evidence now suggests the ad is a fake.

Emails to the two addresses listed with the posting now go unanswered. However, the University of British Columbia’s student newspaper said it received a response from someone who claimed that the ad had been posted by a friend as a prank.

GTSpirit (a sports car website which extensively covered the Craigslist ad) eventually published a retraction of sorts: “We have since found out that the car is not really for sale and was instead posted by a friend of the former owner.”

Ah well. Purple isn't really our colour anyways.

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The Chinese Bubble

Is there any doubt China is in a bubble? (click on all images to enlarge)

As we have mentioned in the past China has pumped more money into their economy, on a per capita basis, than has the United States. To anyone who lives in the Village on the Edge of the Rainforest, the physical manifestation plays out in outlandish real estate purchases on the West Side of Vancouver and in the suburb community of Richmond as homes sell, in some cases, for more than $500,000 over asking price.

How crazy is this liquidity?

Check out this MSNBC story about a Lamborghini owner in China who hired a crew on World Consumer Rights Day to smash his $289,000 Lamborghini Gallardo L140 in protest after allegedly having a dispute with the company over maintenance and engine issues.

The protest was made to provoke public support and goad the manufacturer to respect his 'consumer rights'.

Such is the extent of liquidty pumping in China that a credit billionaire could care less about a $289,000 Lamborghini Gallardo in the pursuit of making a point.

Is there any doubt that this is not going to end well?

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Email: village_whisperer@live.ca

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