Word: chaos
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...gray dust of construction clinging to his shoes, Lloyd Chao leads a visitor through one of the cavernous sound stages in the new Shaw Studios production complex, perched on a windy hillside in Hong Kong. In its heyday Shaw Bros. churned out hundreds of films for Chinese-language audiences around the world, leading an industry that, by the mid-1980s, made a city of 6 million the world's third biggest movie producer. That's when Shaw began to phase out film production in favor of TV. Though other studios filled the gap for a while, Hong Kong, which...
...Hong Kong may become its New York, the place where deals are done and money is raised. The decline in movies made in and about Hong Kong is unlikely to be reversed?which has some producers wondering why Shaw Bros. is building a $180 million film studio. But Lloyd Chao believes that studio's cutting-edge facilities will be perfect for high-profile projects from around Asia, including China. "It's going to be about quality, not quantity," he says. Still, Hong Kong?and international moviegoers?will lose something when the old system dies, as Peter Chan knows. Chan...
During a recent breakfast meeting between Howard Chao, the partner in charge of O'Melveny & Myers' Asia practice, and a Silicon Valley venture-capital tycoon shopping for a lawyer with expertise there, the conversation was less a sales pitch by Chao than a freewheeling exchange about corporate-finance trends and upcoming investment opportunities. The portfolio manager left the meeting enlightened about the Chinese business landscape, and Chao got a new client as well as a referral to a company in the VC's portfolio that might also need his counsel. Most people would call that rainmaking. Chao calls it "knowledge...
...Melveny is the biggest international firm in Shanghai, owing to Chao's foresight a decade ago. Most big U.S. law firms focused on Hong Kong, and O'Melveny opened a branch there too. But Chao, who had spent a year teaching international law in Beijing and Shanghai in 1985, recognized early on that having a big presence on the mainland would be a competitive advantage. The Shanghai operation opened in 1996, and a Beijing branch was added in 2002, as soon as the government gave the green light. "It was clear that by being there, we could see what...
...looked smart again when Chinese banks decided to clear their pile of non-performing loans off the books as a first step to steadying the wobbly financial system. Anticipating a dealmaking frenzy, Chao and his team did their homework before potential buyers came knocking. A consortium led by the Morgan Stanley Real Estate Fund hired Chao and won the bidding on the first and biggest chunk, $1.3 billion in loans from Huarong Asset Management, in 2001. Such successes have made Chao fairly fearless. Last fall, during a staff retreat in Phoenix, Ariz., he led three lawyers from China...