Bikes the New Bling in China

Ultra high-end models are challenging the bicycle's working-class image in China, and giving posh cars a run for their money as the latest status symbol for the country's nouveau riche.

Published

4 months ago

Categories

World

Topics

Bicycles, Asia

People

Yu Yiqun, Joseph Lee

Places

China, Beijing

Companies

BMW, Ferrari, Shanghai Tang, Geogrum, Wing Fung Company

Transcript

EDITOR'S NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL. A symbol of China's past, For most, the bike was once the only way of getting around. China today pedals to a different pace. Bikes are out. And cars are the new status symbol. But for a growing number of uber-wealthy Chinese, bikes are making a comeback. But these aren't your ordinary working-class wheels. (SOUNDBITE) (English) REUTERS TV CORRESPONDENT, JANE LANHEE LEE, SAYING: "To get to know the luxury bike taste of the Chinese I'm going to go biking with Yu Yiqun." Yu runs a successful ad agency. He told me he would come meet me on his cheapest single-gear bike. This is it - a handcrafted, Italian Gios. It's worth nearly two thousand U.S. dollars. He's not sure which of his thirty-some bikes is the most expensive, but several of the frames alone cost well over thirty thousand U.S. dollars. (SOUNDBITE) (Mandarin) CREATIVE DIRECTOR, AD AGENCY GEOGRUM, YU YIQUN, SAYING: "For people who don't understand bikes, they ask 'are you out of your mind? You could buy a car for the price of this bike?' But we just have different ways of looking at things." Bike brands are flocking to China to offer its rich the latest in cycling bling. Iconic British folding bike Brompton just opened its first store here. One of these will set you back a couple thousand dollars. Alex Moulton is known as the Rolls Royce of bikes. Joseph Lee runs a luxury bike shop in Hong kong and is expanding in Beijing to meet the growing demand (SOUNDBITE) (Cantonese) GENERAL MANAGER, WING FUNG COMPANY, JOSEPH LEE, SAYING: "We once had a customer looking for a top-end bike who walked into our shop with two questions. The first was, is this the best brand? The second was, is this the best model?" So it's no surprise fashion house Shanghai Tang, BMW, or Ferrari are joining the ride. Far from an outdated relic, the humble bike is looking like a symbol of China's high-consumption future.