The Far East (HK) visitors are buying everything

[samson66]

Originally Posted by Boostmiser

I live in Delaware, home of tax free shipping. I see this type of thing all the time when Apple makes a product launch. The Asians come to the mall by the literal bus load ... and I mean several bus loads....to get the products and ship them back to their homeland. Doesn’t surprise me with the watches.


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Yep, Christiana Mall. Been there many times and seen it. They will buy iPads but the handcart full at a time. Same folks that line up at the Rolex case to buy anything they can get their hands on.

[TswaneNguni]

Originally Posted by Jake B

Upon scrutiny, the OP is a worthless, nonsense story with a mildly controversial headline. Typical. What is it their President calls it?...."'Fake N__S"?

The OP is from the UK.

[samson66]

Originally Posted by TswaneNguni

The OP is from the UK.

[Zakalwe]

Originally Posted by TswaneNguni

The OP is from the UK.

The word our (soon to be) PM would use would be piffle

[Jake B]

Originally Posted by TswaneNguni

The OP is from the UK.

As they say..."Same ……, different pile."

Originally Posted by Zakalwe

The word our (soon to be) PM would use would be piffle

Indeed.

[cloudplay]

Originally Posted by SlideRacker

Only way the money laundering theory holds is if they paid in cash. That’s not clear from OP’s post. Even then, most countries have laws on the books to where large cash transactions must be reported.

Au contraire, the idea would be to circumvent currency export controls by paying for the Rolex with credit card (to be paid off in RMB) and sell the Rolex for hard currency (e.g. HKD) outside of China. Next question is then what to do with the cash in HK.

[glamorama]

Originally Posted by Jake B

As they say..."Same ……, different pile."



Indeed.

Don’t know what your problem is with this thread Jake, saw some of the responses you made yesterday very confident but full of errors.

[Jake B]

Originally Posted by glamorama

Don’t know what your problem is with this thread Jake, saw some of the responses you made yesterday very confident but full of errors.

Please point them out and correct me, glamorama.

[Moggo]

This thread needs to be put out of its misery.

People reading far too much into an observation.


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[glamorama]

Originally Posted by Jake B

Please point them out and correct me, glamorama.

Others have already done it, regarding prices, VAT etc in Europe no need to go over it again.

[glamorama]

Originally Posted by Moggo

This thread needs to be put out of its misery.

People reading far too much into an observation.


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Probably gone a little far but I think it has been one of the most informative and in depth discussions about the Supply/Demand issue. This thread links it all to world economy, behavioural economy, trade etc.

[Art 1]

Originally Posted by glamorama

Probably gone a little far but I think it has been one of the most informative and in depth discussions about the Supply/Demand issue. This thread links it all to world economy, behavioural economy, trade etc.

I agree. Strange that several posters made the strange replies the have. But in the other hand it’s not surprising given the way the forum has gone the last several months. The forum could and is losing people that can add a lot of information.

[WatchLurv]

Originally Posted by jagwap

Yes, but if you spend 150k, you get 24650 back from global blue. That's 98.5% of all the tax. The more you spend, the closer to 20% you get. Try for your self: https://www.globalblue.com/tax-free-...nd-calculator/

So you can get 20% off in Hong Kong from an AD now? I can't. Perhaps I look too rich and touristy...

No. There's a roof to what Global Blue gives back. The rest goes in their pocket or whatever kickback deal they've done with the shops. On top of that it takes 35-45 days to get back your money.

Here's an example:

116618LN:
26350 GBP (Price last updated on the 18th of Oct 2018 via Global Watch Shop)
267100 HKD (Price is the latest after the 4-5% price hike back in the beginning of the year)

Current price in GBP => HKD (9.95 at today's rate): 262124 HKD

26350 - 4016.6 (Global Blue refund) * 1.03 (Credit Card Charge) =
23003 GBP = 22883 HKD.

That's a 14.3% discount from the original price found in HKG.

This is not taking into account that when Global Blue returns your money to your credit card the bank converts at a 1.5-2%. Ultimately the margins are low if you don't get any discount in UK. Can you get 15% off on a gold watch in Hong Kong? That depends which shop you go to and how good your relationship is. They used to give 10% on DJ back when you could find Hulks on display if they don't know you. That's at the same time the greys were offering a DJ at 28% off.

[Navarino]

With that many "slow" moving pieces already in the order, they gave away their hand. AD probably knew they were going to buy those anyway, so the lack of SS professional models would not be a deal-breaker. Why offer those up to sweeten the deal for the customer if they're going to make the big bulk order anyway?

[Rocket launcher]

This can't be right..
150k no ss
Somethings wrong
If I spent half of this would want some Stainless and the models they got you could pick up less than retail spending that amounthe
Surely not right

[VacherObsessive]

Originally Posted by Carry The Interest

With that many "slow" moving pieces already in the order, they gave away their hand. AD probably knew they were going to buy those anyway, so the lack of SS professional models would not be a deal-breaker. Why offer those up to sweeten the deal for the customer if they're going to make the big bulk order anyway?

Indeed

It’s all about timing, the art of the deal...

They would have likely got at least 1 SS if they opened with ‘I will buy all of this today... if...’.

They played it extremely badly

[jagwap]

Originally Posted by WatchLurv

No. There's a roof to what Global Blue gives back. The rest goes in their pocket or whatever kickback deal they've done with the shops. On top of that it takes 35-45 days to get back your money.

Here's an example:

116618LN:
26350 GBP (Price last updated on the 18th of Oct 2018 via Global Watch Shop)
267100 HKD (Price is the latest after the 4-5% price hike back in the beginning of the year)

Current price in GBP => HKD (9.95 at today's rate): 262124 HKD

26350 - 4016.6 (Global Blue refund) * 1.03 (Credit Card Charge) =
23003 GBP = 22883 HKD.

That's a 14.3% discount from the original price found in HKG.

This is not taking into account that when Global Blue returns your money to your credit card the bank converts at a 1.5-2%. Ultimately the margins are low if you don't get any discount in UK. Can you get 15% off on a gold watch in Hong Kong? That depends which shop you go to and how good your relationship is. They used to give 10% on DJ back when you could find Hulks on display if they don't know you. That's at the same time the greys were offering a DJ at 28% off.

Using the price table on this forum:
128238 246700HKD 24250GBP

Remove the tax

128238 246700HKD 20208GBP=201112HKD

Now try the same with 150000GBP. Remember they did them all in one go. The percentage taken by GlobalBlue shrinks. I sent you the link to try it.

My bank charges 0.4% on currency changes. But then I would leave it is GBP, as why change a currency, especially when it is on its knees. Leave it fro the next shopping spree.

I don't think you will get 20% off in an AD in Hong Kong on all those models. Maybe the YMII, just to shift it.

[Jake B]

Originally Posted by glamorama

Others have already done it, regarding prices, VAT etc in Europe no need to go over it again.

Incorrect, glamorama. They've only shown how they possibly paid less for the watches at the UK AD than they might have at an AD here... after doing a whole bunch of shuffling, and exchanging, and VAT refunding, and flying, and accommodations, and expenses for 4 people in Europe. Now, tell me how it would be profitable for them to sell those here in HK at 20% off retail after all that...because that's the deal some greys will give on the models they bought. Sorry but the assertion that these are Hong Kong grey dealers who are going to resell those here doesn't make sense. Period.

Originally Posted by jagwap

I don't think you will get 20% off in an AD in Hong Kong on all those models. Maybe the YMII, just to shift it.

No...but that's the deal a grey will give you on quite a few of those. Seems like a LOT of work and expenses just to go home to Hong Kong and sell watches for exactly what you paid.

[jagwap]

Originally Posted by Jake B

Incorrect, glamorama. They've only shown how they possibly paid less for the watches at the UK AD than they might have at an AD here... after doing a whole bunch of shuffling, and exchanging, and VAT refunding, and flying, and accommodations, and expenses for 4 people in Europe. Now, tell me how it would be profitable for them to sell those here in HK at 20% off retail after all that...because that's the deal some greys will give on the models they bought. Sorry but the assertion that these are Hong Kong grey dealers who are going to resell those here doesn't make sense. Period.



No...but that's the deal a grey will give you on quite a few of those. Seems like a LOT of work and expenses just to go home to Hong Kong and sell watches for exactly what you paid.

Why go to a grey when you can get full AD papers for the same? Also you know you can get more than 20% from grey dealers, I don't, and I'll wager they don't.

But this is all academic, because as has been discussed these people are unlikely to be stopping in Hong Kong, merely flying there on their way to China. It is a more likely solution.

[rayt]

It’s their money who cares

[Jake B]

Originally Posted by jagwap

Why go to a grey when you can get full AD papers for the same? Also you know you can get more than 20% from grey dealers, I don't, and I'll wager they don't.

But this is all academic, because as has been discussed these people are unlikely to be stopping in Hong Kong, merely flying there on their way to China. It is a more likely solution.

Well, that's absurd. You don't think that greys give papers? You'd go to a grey in Hong Kong because for 1 of two reasons...

1)To buy a hard to get model at a premium.
2)To buy a very easy to get model at a greater discount than the Hong Kong AD will give.

In both cases you get papers.

The assertion, and it's right in the title, is that HONG KONG VISITORS are buying everything...

Hey, the thread's been educational but it's built on a foundation of turds. It's been a slice, folks. Have a good one.

[jagwap]

Originally Posted by Jake B

Well, that's absurd. You don't think that greys give papers? You'd go to a grey in Hong Kong because for 1 of two reasons...

1)To buy a hard to get model at a premium.
2)To buy a very easy to get model at a greater discount than the Hong Kong AD will give.

In both cases you get papers.

The assertion, and it's right in the title, is that HONG KONG VISITORS are buying everything...

Hey, the thread's been educational but it's built on a foundation of turds. It's been a slice, folks. Have a good one.

I don't think they are flipping them. I think they are going to the mainland to gift them as I have said before. So they may not want someone elses name on the papers.

Your post history suggests you sre moving from a contributor here to a troll. You have been flinging turds at a few threads recently. Perhaps wind your neck in and stop giving expats in asia a bad name.

[Muxi]

Originally Posted by rayt

It’s their money who cares

Exactly. Some people cannot accept that maybe other people can afford to buy these watches as easily as getting burgers.

Some people in Asia can plunk $300k in one go for 4 highly sought after steel Pateks just for their own personal use.

[Jake B]

Originally Posted by jagwap

I don't think they are flipping them. I think they are going to the mainland to gift them as I have said before. So they may not want someone elses name on the papers.

Well, I can appreciate that's what you've said that you think they're doing....but that's not what the POST says.
It says "They admitted quite openly they they are flying back to Hong kong tomorrow with all of the watches and some others they had already bought and they were going to be resold."

Originally Posted by jagwap

Your post history suggests you sre moving from a contributor here to a troll. You have been flinging turds at a few threads recently. Perhaps wind your neck in and stop giving expats in asia a bad name.

Now, first of all, I find it a little creepy that you've decided to go spying in my history. Very cringy. Secondly, I don't see the title "moderator" below your name so maybe you might want to follow your own advice and stick to the content of the thread instead of reprimanding me.

[jagwap]

Originally Posted by Jake B

Well, I can appreciate that's what you've said that you think they're doing....but that's not what the POST says.
It says "They admitted quite openly they they are flying back to Hong kong tomorrow with all of the watches and some others they had already bought and they were going to be resold."me.[/QUOTE

Most people, including me, fly to Hong Kong to get to the mainland. Shenzhen airport among others are far from reliable when it comes to flying on schedule. If they are they are making a huge saving. But you cannot accept that as it would mean you are wrong.

[QUOTENow, first of all, I find it a little creepy that you've decided to go spying in my history. Very cringy. Secondly, I don't see the title "moderator" below your name so maybe you might want to follow your own advice and stick to the content of the thread instead of reprimanding me.

Go look at your own history. The first page onwards is mostly slagging people off and calling bullsh!t on peoples' opinions. I only checked before suggesting you are a troll, to make sure I had a leg to stand on.

This place used to be friendly, where the only abuse tollerated was JJ calling someone a dorklehead. It is turning the way of many long term forums, the place where people can belittle others. Don't be one of them.

[Jake B]

Originally Posted by jagwap

Go look at your own history. The first page onwards is mostly slagging people off and calling bullsh!t on peoples' opinions. I only checked before suggesting you are a troll, to make sure I had a leg to stand on.

This place used to be friendly, where the only abuse tollerated was JJ calling someone a dorklehead. It is turning the way of many long term forums, the place where people can belittle others. Don't be one of them.

This place used to be a place where we talked about the beauty, quality and enjoyment of collecting & wearing Rolex watches.

[jagwap]

Originally Posted by Jake B

This place used to be a place where we talked about the beauty, quality and enjoyment of collecting & wearing Rolex watches.

Agreed. I guess the lack of new ones to actually own mean idle hands type any old "turds".