Word: shenzhen
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...market observers say developers too frequently adopt a "build it and they will come" mind-set. Feasibility reports or market surveys are rare. Plans often stress sheer size over appropriate locations. "A lot of [China's] wealth remains concentrated in the metropolitan bases, such as Beijing, Shanghai and Shenzhen," says Arthur Kroeber, director of the market-research firm Dragonomics. "But that doesn't mean that those areas can support an infinite number of malls...
...China's two mainland capitals of capitalism, it's raining money. The relentless increase in stock prices in both Shanghai and Shenzhen - the former has tripled in value in just the last 18 months - has triggered a stampede of companies in China to offer their shares to a public that has a ravenous appetite for them. Astonishingly, according to a forecast just out from Price Waterhouse Coopers, a global consulting firm, the two main equity markets in China will raise $52 billion in capital this year in initial public offerings (IPOS), more than double the amount forecast at the start...
...That fact may be ominous - the infamous tech bubble burst the next year - and China's shares, now priced at about 45 times earnings, are definitely expensive. But there are enormous differences between Shenzhen and Shanghai now, and the NASDAQ back then. The companies offering their shares to the public in China are not small, technology oriented start ups. They are, for the most part, big state owned companies - oil and gas, mining, banks - most of which have already gone public in Hong Kong, seeking to tap the broader international capital markets. China's two main equity markets...
...because "all the good companies in China were listing in Hong Kong," which until very recently was off limits for the vast majority of Chinese investors. The result, in the first half of this decade, was a property bubble, particularly in more prosperous eastern cities like Shanghai and Shenzhen, that drove prices out of reach of ordinary Chinese...
...answer: high enough to ensure that Yi is the next big thing to emerge from China. The son of a couple of postal workers from Shenzhen, he is part of what Yao has wrought. His trail from gawky teenager growing up in southern China - he was 6'3"? by the time he was 12, when he played in his first basketball game - to the brink of stardom quietly delights the powers behind the global sports marketing machine that the NBA has become, because they helped get "The Big Yi"? (pronounced "E", a la the nickname of hall of fame forward...