Word: kong
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...fact, there are success stories. Shanghai's Raffles City and the MIXc, a mall in the city of Shenzhen, which borders Hong Kong, have good locations and a profitable tenant mix, says Bryn Davies, executive director of retail services for CB Richard Ellis in Greater China. And, despite the glut of space, the mainland's retail sector remains in bull-market mode. Economists expect as the country's consumer culture continues to develop, demand will continue to increase. China today accounts for 5% of global consumption, but investment bank Credit Suisse predicts that number will rise...
...former market has trebled in value in just the past 18 months-has triggered a stampede of Chinese companies eager to offer shares to a ravenous public. But is the IPO boom a historic milestone marking the permanent shift of China's financial center of gravity from Hong Kong to the mainland? Or is it a temporary aberration that, for investors, will come to a tragic and costly...
...NASDAQ then. The companies offering shares to the public in China are not small, unprofitable start-ups-"no Pets.com.cn among them," as PWC's Sun puts it. They are mostly big corporations-energy giants, mining operations, banks and insurance companies-many of which have already gone public in Hong Kong and are now opportunistically selling additional shares in China. The largest China IPO this year, for example, came March 1 when Hong Kong-listed Ping An Insurance, China's second largest insurance company, raised $5 billion on the Shanghai exchange...
...Chinese government views this blue-chip IPO parade as essential for economic modernization. "The government wants a healthy equity culture to gradually develop in China," says Jing Ulrich, managing director of China equities at JPMorgan in Hong Kong, "because allocating capital more efficiently is central to the ongoing reform process." The government has outsized influence over large Chinese corporations for a simple reason: most being brought to market are state owned. Encouraging big, well-known companies to make their shares available to domestic investors-who have very limited access to markets abroad-makes sense. China's equity markets have...
...years ago a financial typhoon known as the Asian Crisis smashed into Bangkok. Over the next 15 months it swept through Jakarta, Kuala Lumpur, Hong Kong and Seoul. Tens of thousands of people lost their jobs. Others paid a higher price. Hundreds of Indonesian Chinese, accused by rioters of being accomplices to a corrupt regime, lost their lives or were raped in the violence that accompanied the ouster of Indonesia's long-serving autocrat Suharto. Abandoned half-built buildings throughout Asian cities stood as mute reminders not only of the shattered hopes of many an empire builder but also those...