Second-hand luxury cars aren’t moving like they should be in Hong Kong. “A lot of bankers don’t want to spend too much money for a car now,” said Tommy Siu, founder of Vin’s Motors Co. “At this moment, they don’t know if they’ll have a big bonus.” The economy can’t be completely to blame. More than 270 new luxury vehicles were sold in the first half of 2012, which outpaced the 23% gain in the U.S.—the world’s richest nation. “Used-car buyers are more price sensitive and economic cycles will affect these shoppers more,” said Bill Russo, senior advisor at Booz & Co. “They are paying for the cars with their income as opposed to their savings.” Siu said expatriates made up 70% of his customers. “A lot of expats are leaving Hong Kong. For every 10 who are leaving, two are coming.”
These prospects have some gray hair, and some assets.
The typical enrollee had a monthly out-of-pocket cost of $47 or lower.
The review rules will apply when the U.S. insurer has sensitive information about 1 million or more people.
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The “reflation trade” appears real, but risks are still elevated.
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