Ding Chen, son of Chinese tycoon Chen Mailin, posted a photo on his Instagram account on Thursday as his father purchased him a $3.8 million custom-made Bugatti Chiron sports car in Vancouver, Canada, even as — with an included screenshot of the invoice — the young man complained about Canadian taxes.
On Thursday, Ding posted a photo of the invoice for the extremely rare and absurdly expensive Italian supercar, which appears to have been purchased with the aid of his father's UnionPay credit card. The image includes a scawled message in Chinese: "These taxes… my heart feels tired," the South China Morning Post (SCMP) reported.
The bill clearly displays the elder Chen's name and lists a UnionPay fee of 1.7 percent. UnionPay is a Chinese financial services company headquartered in Shanghai, China.
The photo, posted on Ding's Instagram account, concealed all monetary figures on the bill except the taxes. With a 5 percent federal goods and services tax of C$210,404.25 Canadian (US$157,400) and additional provincial taxes of C$697,939 Canadian (US$522,100), the purchase price of the luxury car is estimated at some C$5.1 million Canadian (US$3.8 million).
Ding's Instagram account, which included numerous posts boasting about his luxurious life, was deactivated after articles surfaced pointing to the son's arrogance and entitlement.
China's UnionPay credit cards have long been criticized as a way of easily channeling cash out of the nation.
China has an annual cash export limit of $50,000, according to reports.
UnionPay claims that it set an annual overseas cash withdrawal limit of US$14,880, as reported by SCMP. Overseas purchases by Chinese nationals traveling abroad greater than US$149 must be disclosed to regulators, although there are no spending limits.
