Go Back  FlyerTalk Forums > Miles&Points > Credit, Debit and Prepaid Card Programs > American Express | Membership Rewards
Reload this Page >

Collector gets 422 million AmEx (China) points wth Chenghua era cup purchase

Collector gets 422 million AmEx (China) points wth Chenghua era cup purchase

Old Jul 18, 14, 8:43 am
  #1  
Original Poster
 
Join Date: Mar 2014
Location: BOS
Posts: 105
Collector gets 422 million AmEx (China) points wth Chenghua era cup purchase

http://www.bloomberg.com/news/2014-0...llion-cup.html

He didn't even know he got 421,860,000 AmEx points....
nopoints is offline  
Old Jul 18, 14, 9:24 am
  #2  
mia
A FlyerTalk Posting Legend, Moderator: American Express, Citi, Diners Club, Signatures
 
Join Date: Jun 2003
Location: Miami & London
Programs: AA & Marriott Perpetual Platinum; HH Gold
Posts: 40,667
Originally Posted by nopoints View Post
He didn't even know he got 421,860,000 AmEx points....
It appears that Membership Rewards (Hong Kong) transfer 15:1 to airlines.

http://www.americanexpress.com/hk/en...tr.shtml#Flyer
mia is offline  
Old Jul 18, 14, 12:12 pm
  #3  
 
Join Date: Feb 2011
Programs: AA Lifetime Gold, HH Diamond
Posts: 863
amazing.
elkhornne is offline  
Old Jul 18, 14, 2:14 pm
  #4  
 
Join Date: Mar 2012
Posts: 407
According to forbes, networth of 900m...so..

Damn!
VizeL is offline  
Old Jul 18, 14, 2:21 pm
  #5  
 
Join Date: Oct 2013
Location: WAS
Programs: SPG Plat. Marriott Plat. Hilton Diamond. Hyatt Diamond. IHG Plat.
Posts: 2,576
Originally Posted by FTcadence View Post
Liu Yiqian isn't a miles/points collector. He's a fine porcelain collector who just happened to swipe his Amex card after making the winning bid in an auction for an ancient Chinese ceramic cup. That winning bid was HK$281 million (US$36 million) which netted him 421,860,000 AmEx MRs.
He didn't "just happen to swipe his AMEX"
He swiped it 5 times...
f0xx is offline  
Old Jul 18, 14, 2:44 pm
  #6  
 
Join Date: Feb 2014
Location: ORD/MKE
Programs: UA, AA, SPG Plat; IHG Plat. Ambassador
Posts: 396
Originally Posted by f0xx View Post
He didn't "just happen to swipe his AMEX"
He swiped it 5 times...
Was it 5 times? The article said he had to sign 12 receipts...

Either way. WOW.
danhunterpost is offline  
Old Jul 18, 14, 2:55 pm
  #7  
 
Join Date: Feb 2010
Programs: UA 1K 1.6 MM, AA EXP, SPG Gold, MARR Plat (Premier) Lifetime, Hertz Pres Circle
Posts: 117
Must have a nice credit limit!
rcheneyjr is offline  
Old Jul 18, 14, 3:01 pm
  #8  
 
Join Date: Jan 2006
Location: DCA/IAD
Programs: most of them
Posts: 3,250
Originally Posted by rcheneyjr View Post
Must have a nice credit limit!
likely a charge card, so no limit
glennaa11 is offline  
Old Jul 18, 14, 3:01 pm
  #9  
 
Join Date: Nov 2013
Location: NYC
Programs: SPG, Hyatt, Alaska
Posts: 69
Originally Posted by mia View Post
It appears that Membership Rewards (Hong Kong) transfer 15:1 to airlines.

http://www.americanexpress.com/hk/en...tr.shtml#Flyer
Am I the only one looking at the list and imagining how to spend nearly 30 million miles? Hello Singapore suites!
jdhnyc is offline  
Old Jul 18, 14, 3:12 pm
  #10  
 
Join Date: Oct 2013
Location: WAS
Programs: SPG Plat. Marriott Plat. Hilton Diamond. Hyatt Diamond. IHG Plat.
Posts: 2,576
Originally Posted by danhunterpost View Post
Was it 5 times? The article said he had to sign 12 receipts...

Either way. WOW.
The terminal wouldn't allow the full price to go through. Had to break it up.

Originally Posted by rcheneyjr View Post
Must have a nice credit limit!
Originally Posted by glennaa11 View Post
likely a charge card, so no limit
AMEX Centurion.
Though I don't know if it's the China or HK version.
f0xx is offline  
Old Jul 18, 14, 3:30 pm
  #11  
 
Join Date: Jan 2011
Location: YYJ
Posts: 2,193
Originally Posted by glennaa11 View Post
likely a charge card, so no limit
amex charge cards do have limits, even the centurion card. those limits are based on your spending history.

Originally Posted by f0xx View Post
The terminal wouldn't allow the full price to go through. Had to break it up.

AMEX Centurion.
Though I don't know if it's the China or HK version.
article said that transactions were limited to 12M HKD, thus the need to process multiple transactions.

article mentions that the card he used is denominated in Yuan and that there are capital controls the limit the amounts of money transferred out of the country. my guess is that the card was a PRC, not HKG, issued card.
BenSenise is offline  
Old Jul 18, 14, 3:37 pm
  #12  
 
Join Date: Oct 2013
Location: WAS
Programs: SPG Plat. Marriott Plat. Hilton Diamond. Hyatt Diamond. IHG Plat.
Posts: 2,576
Originally Posted by BenSenise View Post
article said that transactions were limited to 12M HKD, thus the need to process multiple transactions.

article mentions that the card he used is denominated in Yuan and that there are capital controls the limit the amounts of money transferred out of the country. my guess is that the card was a PRC, not HKG, issued card.
Ah yes.

Liu, who drank Chinese tea from the cup shortly before he paid for it, had to sign 24 separate AmEx receipts because the system can only swipe transactions of up to HK$12 million at a time, said Nicolas Chow, head of Chinese ceramics and works of art and deputy chairman of Sotheby’s Asia.
f0xx is offline  
Old Jul 18, 14, 4:59 pm
  #13  
 
Join Date: Jun 2013
Posts: 97
can we at least agree to assume this guy either has a private plane or flies private jet and that he didn't buy the 35m flower vase/cup/coffee mug for the MR points?
doug68 is offline  
Old Jul 18, 14, 5:22 pm
  #14  
 
Join Date: Jan 2014
Posts: 47
Originally Posted by doug68 View Post
can we at least agree to assume this guy either has a private plane or flies private jet and that he didn't buy the 35m flower vase/cup/coffee mug for the MR points?
Probably a safe assumption.

That ceramic cup will probably have some crazy appreciation in the next 10-20 years. I don't know who this guy is, but I'm assuming his fortune is self-made (ie not inherited), since he's a Chinese national. You don't earn 900M by making bad financial decisions...
Arbitrage650 is offline  
Old Jul 18, 14, 7:11 pm
  #15  
FlyerTalk Evangelist
 
Join Date: May 2006
Location: BGR; Lower Earth Orbit
Programs: UA Platinum
Posts: 16,712
The bar has been set. Your move flyertalk.
WIRunner is offline  

Thread Tools
Search this Thread
Search Engine: