Slow times, fast cars (2)

Resources including coal, rare earth and natural gas have helped prop up the city's economy and helping residents rake in money.

Many locals also became rich after receiving significant compensation for expropriated land.

The city government started large-scale land expropriation in 2004 for coal exploration and urban construction. Residents have received substantial demolition and relocation compensation from the local government, leading to more millionaires and luxury car owners.

The report also said that the city with a population of 1.6 million has the largest number of Land Rovers in China. In 2010, there were over 5,000, in contrast to only 2,000 taxis.

There are more than 10 authorized luxury car flagship stores in the local Tongchuan Automobile Trade Market, including Land Rover, Cadillac and Porsche. Ferrari and Maserati also tested the market feasibility of opening a store last year, according to China Times.

Slump brings bargains

But all that took to a sudden change last year, when the national economy started to slow down. As a result, banks in the city have been pressuring on borrowers for repayment, and some even report defaulters to the police.

A businessman in the coal sector told the paper that people are selling cars, using them as collateral, or hiding them for fear that creditors might take them.

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