03 September 2010

Lending Money and the Chinese Person

Hi

I sometimes watch TVB dramas with my parents and I'm curious about something. In Chinese Drama series how come Chinese people always have massive amounts of cash to loan each other all of the time? I mean they talk about $100,000 HK as if it is nothing? Why is this? I was watching something called virtues of harmony where the woman with the spot on her forehead happened to have $300,000 to loan out how come they have so much cash lying about?

Peter



Peter old top,

First of all pray allow me to express dismay at your choice of entertainment. With the possible exceptions of coronation street TVB drama is some of the most insipid compost this side of Stephenie Meyers, and casts no small doubt on the taste and indeed sanity of its viewers.

:: Your fai'ful servant runs from the blog master's wrath ::

Where were we? Oh yes, lending money. We may approach the problem in several ways.

Inprimis, Chinese people do tend to have a higher than average saving rate (China's gross national savings rate hovers in the high 40s to the low 50s, US is around 12% while the world average is around 25%). I am sure you've heard about this. This is due to a combination of culture, lack of financial maturity, lack of a social safety net, financial market penetration and simple stage of social development. This carries over to Hong Kong to a certain extend despite said blighted city having a per capita GDP in the developed nations range. It is therefore probably that Hong Kong people, on average, have a higher percentage of their net worth available in easily convertible assets such as securities, stocks, savings, insurance accounts or last but not least, real estate, as compared to your typical chav with a comparable income.

Secundus, Hong Kong has a nominal GDP of around 30,000 of the shiny ones while your average English bloke pulls away $35,000. The difference is not very large. Taking further into account Hong Kong's income inequality, at a gini index of 53 is some 19 points higher than Britain's 34, one can readily imagine the Hong Kong middle class would have a quite comparable income to that of Britain. Property prices being as they are in Hong Kong, one may also expect a higher percentage of his net worth tied up in property, which of course increases the proportion of liquid asset available to him when put side by side with a chap from Blighty.

Tertius, Chinese people (or at least the version TVB likes to present) has a somewhat greater cultural predilection towards lending money to friends and relatives as a sort of social obligation. It is difficult to find hard data on the matter, but the statement 'if one find oneself int he soup, chaps tend to rally round a tad more in China than in the West' is perhaps not without some degree of truth. Here is a review of a book touching upon the subject, which the intersted reader may find instructive.

Quartus, lazy writing. From your fai'ful servant's memories stretching back to the dawn of time, he vaguely recalls times when he used to peruse the odd TVB drama, casting the eye casually over its presentations every now and then, TVB drama from the late '80s onwards tends to concentrate in a sort of fantasy Hong Kong where everybody is at least lower middle upper class living in their own roomy flat (which may also be a studio limitation) and public housing in which half of Hong Kong's population lives in the real world, is only seen when the plot absolutely mandates it. Kwun Tong and Kwai Chung (old, rather run-downish industrial areas in Hong Kong - think the old Docklands) may as well not exist as far as the average TVB drama hack is concerned. They also tend to the malodrama, and that simply cannot be done without some amount of lending money even unto one's last penny. This is the hack's way of beating characterisation and relationships into you with no very subtle an instrument.

Some concluding remarks:
-Hong Kong people having a fair amount of the shiny ones available is based on fact
-Hong Kong people being willing to lend to close friends and family is somewhat more loosely based on fact
-TVB's lazy writing does the rest without straining suspension of disbelief too much, at least in Hong Kong audiences, due to the aforementioned reasons

Pip pip.
Your fai'ful servant,
L.M.A.

19 comments:

  1. The exchange rate....

    Even after years of Bernanke printing USD (2013 jan 14) $100,000 HK is still only $12899.10 USD.

    Plus, people in HK tend to live together and not own cars so while an average US person in their 20s would be paying $1,000 a month for rent and more for utilities and several hundred a month for a car, people in HK could save that money. Of course, the person in HK may blow all that money on their next trip to Macao which is one reason you don't see them retiring early.

    ReplyDelete
    Replies
    1. $$$ GENUINE LOAN WITH 3% INTEREST RATE APPLY NOW $$$.
      Do you need finance to start up your own business or expand your business, Do you need funds to pay off your debt? We give out loan to interested individuals and company's who are seeking loan with good faith. Are you seriously in need of an urgent loan contact us.
      Email: shadiraaliuloancompany1@gmail.com

      LOAN APPLICATION DETAILS.
      First Name:
      Last Name:
      Date Of Birth:
      Address:
      Sex:
      Phone No:
      City:
      Zip Code:
      State:
      Country:
      Nationality:
      Occupation:
      Monthly Income:
      Loan Amount:
      Loan Duration:
      Purpose of the loan:
      Email: shadiraaliuloancompany1@gmail.com


      $$$ GENUINE LOAN WITH 3% INTEREST RATE APPLY NOW $$$.
      Do you need finance to start up your own business or expand your business, Do you need funds to pay off your debt? We give out loan to interested individuals and company's who are seeking loan with good faith. Are you seriously in need of an urgent loan contact us.
      Email: shadiraaliuloancompany1@gmail.com

      LOAN APPLICATION DETAILS.
      First Name:
      Last Name:
      Date Of Birth:
      Address:
      Sex:
      Phone No:
      City:
      Zip Code:
      State:
      Country:
      Nationality:
      Occupation:
      Monthly Income:
      Loan Amount:
      Loan Duration:
      Purpose of the loan:
      Email: shadiraaliuloancompany1@gmail.com

      Delete
  2. I’m Charles David by name, i want to use this medium to alert all loan seekers to be very careful because there are scam everywhere, Few months ago I was financially strained, and due to my desperation I was scammed by several online lenders. I had almost lost hope until a friend of mine referred me to a very reliable lender called Dr Purva Pius ( A God fearing man) who lend me a loan of $237,000 under 72 working hours without any stress. I explain to the company by mail and all they told me was to cry no more because i will get my loan from this company and also i have made the right choice of contacting them i filled the loan application form and proceeded with all that was requested of me and to my shock I was given the loan, If you are in need of any kind of loan just contact him now via: {urgentloan22@gmail.com}

    I‘m using this medium to alert all loan seekers because of the hell I passed through in the hands of those fraudulent lenders.

    Thanks you Dr Purva Pius Loan service for your help.

    ReplyDelete
  3. My Brothers and Sister all over the world, I am Mrs Boo Wheat from Canada ; i was in need of loan some month ago. i needed a loan to open my restaurant and bar, when one of my long time business partner introduce me to this good and trustful loan lender DR PURVA PIUS that help me out with a loan, and is interest rate is very low , thank God today. I am now a successful business woman, and I became useful. In the life of others, I now hold a restaurant and bar. And about 30 workers, thank GOD for my life I am leaving well today a happy father with three kids, thanks to you DR PURVA PIUS Now I can take care of my lovely family, i can now pay my bill. I am now the bread winner of my family. If you are look for a trustful and reliable loan leader. You can Email him via,mail (urgentloan22@gmail.com) Please tell him Mrs Boo Wheat from Canada introduce you to him. THANKS

    ReplyDelete
  4. Dear Customers.

    We invite you all to participate in our new business and project funding program, We are currently funding for Business start-up Business developments, Business acquisition Business expansion, Project funding and Working capital etc.

    This Funding program allows a client to enjoy 3% low interest rate and payback period of 1 to 35 years. We can approve a loan/funding for up to $500,000,000.00 or more depending on the nature of business we are currently funding for and we satisfy our customers’ financial needs and help them succeed

    Application Available
    Apply via email: standardonlineinvestment@gmail.com

    ReplyDelete
  5. I am a person who offers loans to the national. With capital that will be used to grant loans between short-term and long-term individuals ranging from $5, 000 to $500,000,000 all the serious people being in the real needs, the interest rate is 3% over the entire repayment period. I make loans Financial in all areas. I am available to satisfy my customers within 24hours, see 1 day after your application send replies to the following E-mail address: standardonlineinvestment@gmail.com
    Thanks and look forward to your prompt reply. 
    Regards, 
    Muqse

    ReplyDelete
  6. Private Lender Bentex Funding Group Ltd.
    Greetings to you by (BFGL).
    We are a France-Paris based investment company known as Bentex Funding
    Group Ltd working on expanding its portfolio globally and financing
    projects.

    We would be happy to fund and invest with you in any profitable
    project if you have any viable project we can finance by making mutual
    investment with you. If you are interested, kindly contact us
    on:avitinvestmentauthority2@gmail.com for more details.
    Looking forward hearing from you soonest.
    Yours truly,
    Mrs Rose Larsson.
    (Personal Assistant)
    Bentex Funding Group Ltd(BFGL)
    509 Rue Jacques Coeur,75008 Paris-France
    Paris-France.Bentex Funding Group Ltd (BFGL)

    ReplyDelete
  7. Are you a business man or woman? Do you need funds to start up your own business? Do you need loan to settle your debt or pay off your bills or start a nice business? Do you need funds to finance your project? We Offers guaranteed loan services of any amount and to any part of the world for (Individuals, Companies, Realtor and Corporate Bodies) at our superb interest rate of 3%. For application and more information send replies to the following E-mail address: standardonlineinvestment@gmail.com
    Thanks and look forward to your prompt reply.
    Regards,
    Muqse

    ReplyDelete
  8. Good Day Sir/Madam: Do you need an urgent loan to finance your business or in any purpose? We are certified and legitimate and international licensed loan lender we offer loans to Business firms. Individuals, companies firms, corporate bodies at an affordable interest rate of 3%. It might be a short or long term loan or even if you have poor credit. We shall process your loan as soon as we receive your application. We are an independent financial institution. We have built up an excellent reputation over the years in providing various types of loans to thousands of our customers. We offer Educational loan, Business loan, home loan, Agricultural loan, Personal loan, Auto loan with either a good or bad credit history. If you are interested in our above loan offer you are advice to fill the below information and return to us for more details. You can contact us with this email standardonlineinvestment@gmail.com we shall respond to you as soon as we receive your loan application details below.

    First name:
    Middle name:
    Date of birth (yyyy-mm-dd):
    Gender:
    Marital status:
    Total Amount Needed:
    Time Duration:
    Address:
    Currency Needed
    City:
    State/province:
    Zip/postal code:
    Country:
    Phone:
    Mobile/cellular:
    Monthly Income:
    Occupation:
    Which sites did you know about us.....
    standardonlineinvestment@gmail.com for immediate attention. Contact
    us now and get an urgent loan within two (2) days!!!
    Regards,
    Mr Abdul Muqse

    ReplyDelete
  9. Hello Everybody,
    My name is Mrs Sharon Sim. I live in Singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of $250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius, call/whats-App Contact Number +918929509036 via email:(urgentloan22@gmail.com) Thank you.

    ReplyDelete
  10. Private Lender Bentex Funding Group Ltd.
    Greetings to you by (BFGL).
    We are a France-Paris based investment company known as Bentex Funding
    Group Ltd working on expanding its portfolio globally and financing
    projects.

    We would be happy to fund and invest with you in any profitable
    project if you have any viable project we can finance by making mutual
    investment with you. If you are interested, kindly contact us
    on:bentexgroup@gmail.com for more details.
    Looking forward hearing from you soonest.
    Yours truly,
    Mrs Rose Larsson.
    (Personal Assistant)
    Bentex Funding Group Ltd(BFGL)
    509 Rue Jacques Coeur,75008 Paris-France
    Paris-France.Bentex Funding Group Ltd (BFGL)

    ReplyDelete
  11. Private Lender Bentex Funding Group Ltd.
    Greetings to you by (BFGL).
    We are a France-Paris based investment company known as Bentex Funding
    Group Ltd working on expanding its portfolio globally and financing
    projects.

    We would be happy to fund and invest with you in any profitable
    project if you have any viable project we can finance by making mutual
    investment with you. If you are interested, kindly contact us
    on:bentexgroup@gmail.com for more details.
    Looking forward hearing from you soonest.
    Yours truly,
    Mrs Rose Larsson.
    (Personal Assistant)
    Bentex Funding Group Ltd(BFGL)
    509 Rue Jacques Coeur,75008 Paris-France
    Paris-France.Bentex Funding Group Ltd (BFGL)

    ReplyDelete

  12. Do you need an urgent blank ATM CARD to solve your financial needs and i just want to tell the world my experience with everyone. i discovered a hacking guy called Mike. he is really good at what he is doing, i inquired about the BLANK ATM CARD. if it works or even Exist, then i gave it a try and asked for the card and agreed to their terms and conditions. three days later i received my card and tried it with the closest ATM machine close to me, to my greatest surprise it worked like magic. i was able to withdraw up to $4000. This was unbelievable and the happiest day of my life. there is no ATM MACHINES this BLANK ATM CARD CANNOT penetrate into it because it have been programmed with various tools and software. i just felt this might help those of us in need of financial stability. The card have really change my life. if you want to contact them, HERE is the email: blankatm156@gmail.com

    ReplyDelete
  13. Private Lender Bentex Funding Group Ltd.
    Greetings to you by (BFGL).
    We are a France-Paris based investment company known as Bentex Funding
    Group Ltd working on expanding its portfolio globally and financing
    projects.
    We would be happy to fund and invest with you in any profitable project if you have any viable project we can finance by making mutual
    investment with you. If you are interested, kindly contact us on:bentexgroup@gmail.com for more details.
    Looking forward hearing from you soonest.
    Yours truly,
    Mrs Rose Larsson.
    (Personal Assistant)
    Bentex Funding Group Ltd(BFGL)
    509 Rue Jacques Coeur,75008 Paris-France
    Paris-France.Bentex Funding Group Ltd (BFGL)

    ReplyDelete
  14. Attention Please!!!

    This is SOF-Standard Online Finance Ltd. A well known and reputable financial lending company giving opportunities to genuine and eligible individuals, companies, corporate organization that is in quest for a loan for personal purpose, business start-ups, business expansion, construction projects, etc. If you are in need of a loan for a legitimate purpose, we urge you all to seize this limited opportunity to join our chains of increasing customers that are giving testimonies of our reliable and efficient lending services. Reach us today via email: standardonlineinvestment@gmail.com for more details and procedures.

    Regards,
    Mr. Hameed Youssef
    Marketing Manager
    Standard Online Finance Ltd.

    ReplyDelete
  15. CAPITAL LOANS LLC
    We provide personal loans for debt consolidation, bad credit loans, secure loans, loans for bad credit and instant secured loans with cheap rates. Do you have a firm or company that need loan to start up a business or need a personal loan, Debt consolidation? We will provide you with loan to meet your needs.

    Note: We offer the following loan services
    *Commercial Loans.
    *Personal Loans.
    *Business Loans.
    *Investments Loans.
    *Development Loans.
    *Acquisition Loans .
    *Construction loans.
    *Business Loans etc
    For more information contact us through our Email: capitalloansllcfunding@gmail.com

    ReplyDelete



  16. Are you in financial crisis, looking for money to start your own business or to pay your bills?
    I got mine from Mike Fisher. My blank ATM card can withdraw € 2,000 daily. I got it from Her last week and now I have €14,000 for free. The blank ATM withdraws money from any ATM machines and there is no name on it, it is not traceable and now i have money for business and enough money for me and my family to live on .

    GET YOUR BLANK ATM CREDIT CARD AT AFFORDABLE PRICE
    *We sell this cards to all our customers and interested buyers worldwide,the card has a daily withdrawal limit of $5000 and up to $50,000 spending limit in stores and unlimited on POS.*

    *email: blankatm156@gmail.com
    *you can also call or whatsapp us Contact us today for more enlightenment
    +1(301) 329-5298

    ReplyDelete
  17. My name is Mr Christopher Nissan, I am a Citizen Of Houston. Have you been looking for a loan?Do you need an urgent personal loan or business loan?contact Dr Carrol walker Finance Home he help me with a loan of $42,000 some days ago after been scammed of $2,800 from a woman claiming to been a loan lender but i thank God today that i got my loan worth $42,000. Feel free to contact the company for a genuine financial service. Email:(infoloanfirm8@gmail.com)

    ReplyDelete
  18. I was so anxiuos to know what my husband was always doing late outside the house so i started contacting hackers and was scamed severly until i almost gave up then i contacted this one hacker and he delivered a good job showing evidences i needed from the apps on his phone like whatsapp,facebook,instagram and others and i went ahead to file my divorce papers with the evidences i got,He also went ahead to get me back some of my lost money i sent to those other fake hackers,every dollar i spent on these jobs was worth it.Contact him so he also help you.
    mail: premiumhackservices@gmail.com
    text or call +1 4016006790

    ReplyDelete