Anyone with Beijing AD Experience??

[Claymie]

Hey All,

Headed to Beijing next week from the States and was wondering if anyone has visited the Patek AD recently? I believe there is only 1 in town.

I would think there would be a huge VAT/Luxury tax but perhaps a decent selection. So good for shopping, but not buying...?

Love to hear what you all think especially from those that have been there recently.

All the Best

[jon_jon]

Originally Posted by Claymie

Hey All,

Headed to Beijing next week from the States and was wondering if anyone has visited the Patek AD recently? I believe there is only 1 in town.

I would think there would be a huge VAT/Luxury tax but perhaps a decent selection. So good for shopping, but not buying...?

Love to hear what you all think especially from those that have been there recently.

All the Best

I hope someone who has visited the Beijing Maison will chime in and share some personal experience.

But the following is a press release from the Patek website regarding their opening of the Beijing Maison in 2014.

http://www.patek.com/en/communicatio...e-beijing-2014

AFAIK, China has had a 30% luxury tax on luxury watches. However when the Swiss National Bank unpegged the Franc to the Euro in early 2015, many countries, including China, announced a price decrease for Patek watches. However I recently read that China was increasing their luxury tax to 60% from the previous 30%. Hopefully someone in the know can verify this. When you visit the Maison Beijing, you can inquire about this.

Although I have not visited the Maison Beijing, I have visited the Maison Shanghai, which is housed in a historical building that housed the British Consulate residence for over a hundred years. For practical purposes, I had my hotel concierge call the Shanghai Maison and had them inquire if there was an English-speaking person available to give me a tour and assist me. It may be a good idea to do the same before visiting the Beijing Maison, unless you speak Chinese. I saw an amazing parquetry dial watch at the Shanghai Maison. You may want to ask if the Beijing Maison has on display special watches from their 10 year anniversary in China collection.

[Phileas Fogg]

I used to live in China, luxury taxes are really really high. I's recommend you to take a detour to HK for good selection and much better prices

[Stuxnet]

But as a visitor are you not exempt from paying VAT? I have not been to China, but always get a VAT refund any and every place in Europe.

[KarlS]

I visited the Maison following a trip to Tianamun Square and Forbidden City. It's walking distance but not that easy to find. I found the prices to be truly expensive and nothing that I hadn't seen elsewhere.

[jon_jon]

Originally Posted by Phileas Fogg

I used to live in China, luxury taxes are really really high. I's recommend you to take a detour to HK for good selection and much better prices

HK is the largest point of sales for luxury watches in the world and I agree it is worth visiting.

Originally Posted by Stuxnet

But as a visitor are you not exempt from paying VAT? I have not been to China, but always get a VAT refund any and every place in Europe.

I believe China has a VAT, but AFAIK the luxury tax is separate and not refundable for foreign visitors. It seems like another means to tax the wealthy.

[Claymie]

Thanks for the info...I'll be a shopper not a buyer it seems. My wife will appreciate that:)

[KarlS]

Stay at Raffles..right near it

[Phileas Fogg]

VAT in China is 17%. The luxury tax, not sure the percentage, is not refundable as far as I'm aware, hemce still making HK a better place to shop for watches.

[Stuxnet]

Originally Posted by Phileas Fogg

VAT in China is 17%. The luxury tax, not sure the percentage, is not refundable as far as I'm aware, hemce still making HK a better place to shop for watches.

Luxury tax on a watch? Makes absolutely no sense. One needs a watch to tell time. A watch is an absolute necessity. And a Patek is an accurate and reliable watch. Which makes it even less of a luxury and more of a practical tool for accomplishing tasks for the greater good.

But then again, that's just my view. Im not running a country of a billion people where debt is now 237% of GDP which is slowing fast. May as well tax the "luxury" consumption even though the country is trying to move to consumption based GDP growth from investment based growth. Instead of cutting overcapacity and massive inventories at State Owned Enterprises it makes more sense to nickel and dime people.

[jon_jon]

Originally Posted by Stuxnet

Luxury tax on a watch? Makes absolutely no sense. One needs a watch to tell time. A watch is an absolute necessity. And a Patek is an accurate and reliable watch. Which makes it even less of a luxury and more of a practical tool for accomplishing tasks for the greater good.

But then again, that's just my view. Im not running a country of a billion people where debt is now 237% of GDP which is slowing fast. May as well tax the "luxury" consumption even though the country is trying to move to consumption based GDP growth from investment based growth. Instead of cutting overcapacity and massive inventories at State Owned Enterprises it makes more sense to nickel and dime people.

I don't know much about the Chinese economy or the political situation. But it is the largest consumer market only second to the US. And from what I have read their new "middle class" has a huge appetite for luxury items, whether they be Swiss watches or Italian name brand purses.

AFAIK the luxury tax is on "luxury watches" over a certain amount. So if you buy a cheap Swatch with quartz movement, there would be no "luxury tax" assessed on the watch.