Red packet frenzy reveals status

Lai See must be kept in fancy red packet envelopes to become a good Lunar New Year gift, as the price of a Lai See envelope by investment banks has soared to almost HK$1,000.

The bank's Lai See envelopes are of high quality and even placed in gift boxes - usually distributed to staff members and some customers only and would not be available for sale.

A pack issued by UBS is being sold on a second-hand goods platform for HK$600 to HK$900, while Citibank's envelopes are being sold for HK$450 for one pack.

Some online users believe using such envelopes shows one's "higher status" and would buy them pretending to be investment bank customers.

Others said it would be best, if they could simply give money to relatives or friends, instead of spending it on an envelope.