The pursuit of luxury Hong Kong defies western gloom

  HONG KONG, China (AFP) - A gold, diamond-studded iPhone lights in a shopping mall in Hong Kong window, the $ 25,000 price tag a symbol of excessive luxury of the city, powered by cash rich Chinese tourists and wealthy residents.

The customized device has a rose gold frame with a combined 7.28 carats of diamonds also banded the number "5" on the back, loudly proclaimed that there is an iPhone 5 Apple - but with a difference.

Despite the gloom of the West and an expansion slowdown of the Chinese economy, the Chinese consumer, who spends lavishly proved rich people want exclusive Hong Kong to try a boon for retailers to overthrow global problems.

Gadgets decorated with custom shoes for men and ladies leather handbags or Rolls Royce monogrammed seats, Hong Kong continues from the influx of wealthy Chinese mainland in search of authentic goods and benefit cut VAT.

"They do not care about the price," said store manager Cytheia him surrounded by gadgets from shiny gold plated iPad covers for laptops and colored helmets.

"For it is the attitude that if you have an iPhone and I also use an iPhone, why should we be the same?"

Said a customer from the People's Republic of China has placed an order HK $ 800,000 ($ 103,000) for 70 custom iPhone, he planned to give as gifts.

The global luxury brands are pinning their hopes on the growing middle class in China and Europe slogs its debt crisis, the U.S. economy remains weak and failed to win the Japanese economy ground.

Despite the lower demand than in China last year expect luxury goods, its new leadership has promised to take action against corruption and excess official, it is expected that China is the largest market for luxury goods world be in 2020.

Taxes and lower sales prices genuine products attract buyers luxury shopping centers in Hong Kong.

In Hong Kong brands such as Italian label Salvatore Ferragamo offer customers a selection of handbags with up to 40 colors of lizard, python or ostrich skin at full price made personalized. The Swiss watchmaker Rolex dials offer tailor.

Although conspicuous consumption and leisure travel, big spender of companies are welcome the influx of visitors from the mainland, not all has been welcomed in Hong Kong, where people complain of extra pressure on utilities from the crowded city.

Upscale boutiques and shops have been seen to drive the exorbitant rents have forced decades old shops and restaurants out of business, prompting warnings that the city sold their identity.

However, the thirst for luxury remains unfulfilled.

UK luxury craftsman Stuart Hughes, who recently developed, "the world's most expensive iPhone" on no less than 15 million U.S. dollars, said that more than two-thirds of its customers are from mainland China and Hong Kong.

The work was commissioned by a businessman from Hong Kong who asked Hughes, integrating a 26 carat black diamond in the phone.

"The Chinese have a lot of buying power to purchase for yourself or buy a gift for the people.
"You want a fairly different phone numbers. Additional changes you want to make it a unique look," the 42-year-old designer said.