Hangzhou remains a city of consuming passions

In China, the rich go to enormous lengths to disguise their wealth. They avoid the media, own ordinary cars and dress down, in order not to attract the attention of kidnappers, criminals and officials eager to take a part of their fortune.

But things are different in Hangzhou, a city that has always been a playground of the aristocracy. Here, the rich can flaunt their wealth. A millennium ago, the city was the imperial residence of the emperor and his courtiers. Now, the nouveau riche live like kings.

Their consumption has made the city boom. House prices in Hangzhou have tripled since 1999 and the city reported last year retail sales of 70.3 billion yuan, an increase of 15.2 per cent over 2003. Its economy has been growing at double-digit rates for 13 years.

Rolls Royces, Bentleys and Porsches glide down the streets without raising an eyebrow. Multimillion-dollar villas built around the famous West Lake sell for more than 50,000 yuan per square metre.

Shopping is a serious business. Built in the mid-1990s and located 2km from the lake, Wulin Square is home to Lane Crawford and the Hangzhou Tower mall, with 40,000 square metres of space that houses brands such as Dior, Cartier, Ferragamo, Salines, Hugo Boss and Louis Vuitton.

The tower attracts 30,000 to 50,000 visitors a day and reported sales last year of 1.8 billion yuan, putting it among the top five department stores in the mainland.