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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Seeker of Truth who wrote (38718)	9/23/2003 6:42:41 PM
From: elmatador	Respond to of 74559

Reminding again: Message 18958479 Ending the export-led growth of Asia is good. Why the fuck they don't just grow internally!!! US/Japan/Europe's economy must grow so that they suck exports from developing countries. I was a small boy then and it was damn clear that: There was a party somewhere. The guys around the table should eat as much as possible so that more bread-crumbs fell on the floor!!! There was something wrong with this picture. Cut to my 20 yearsd experience living abroad: I am yet to see a guy with 3Kg of brain coming from US/Japan/Europe. I am yet to see one with three arms, or that works without sleeping time. It is just a pure, fabrication. All derived from the Bretton Woods Agreement that divided the cake among themselves. But the whole thing is now clear in front of us to see. Only some idiots who learnt economics in the School of Chicago still clinge to the idea that the fabrication still is valid. What if we have a super-boom never yet seen in the history of mankind? Picture the capital will flowing from the countries where there are no economic acitvities to the countries where there is economic activities but no capital. It is far easier now to create the conditions than before. The technology is here. The people in those peripheral economies with their half-backed economists and their lousy economic policies.

To: Seeker of Truth who wrote (38718)	9/23/2003 9:31:49 PM
From: TobagoJack	Read Replies (1) \| Respond to of 74559

Hello Malcolm, You know this already, that sh*t happens in emerging market (and developed markets), but just to add spice, an anecdote what the sort of thing that happens in PRC infrastructure plays, and the sometimes happy endings. Stay with the connected insiders (Shenzhen Expressway, China H-share companies listed in HK) as opposed to the outsiders (NWS Holdings, HK companies listed in HK). biz.scmp.com Wednesday, September 24, 2003 NWS nears sale of Wuhan bridge projects DENISE TSANG NWS Holdings, the infrastructure flagship of New World Development, is close to selling its problematic toll-bridge projects in Wuhan, Hubei province, according to a senior company official. New World's Wuhan-based general manager Albert Au Wai-chuen said after a Wuhan trade fair in Hong Kong yesterday that the Wuhan municipal government and NWS had reached an understanding over the sale, pending an imminent agreement. The move means a breakthrough in the four-year negotiations over the fate of the projects, collectively worth $800 million on the company's books. NWS was forced to divest the bridges after a Wuhan government decision in 1999 to change transport policy by regulating traffic flow and rescinding the company's toll-collection rights. It is a high-profile example of forced renegotiation of contracts as a result of policy changes, with H-share firm Shenzhen Expressway the latest example. In March, the Shenzhen municipal government bought back two national highways after a review of the toll-collection policy. An NWS spokesman said yesterday the sale of the company's 48.86 per cent interest in Wuhan Bridge Construction - which operates two Han River bridges and Yangtze River Bridge Number 2 - was being finalised. "Good progress has been made on the sale," the spokesman said. "Terms of the sales such as the sale price and payment are being finalised, and we are hopeful of a conclusion by the end of the fiscal year [to June]." The bridges are key assets of NWS's portfolio, with their combined book value at $800 million, the spokesman said. Since October last year, the Han River bridges had ceased collecting tolls under a government directive while traffic was diverted to Yangtze River Bridge Number 2 and government-owned bridges Yangtze River Bridge Number 1 and Number 3 as alternative routes to cross the Yangtze River in Wuhan. Analysts and market watchers are likely to draw comparison on the NWS deal with the Shenzhen Expressway deal. The H-share company pocketed a windfall of 586.27 million yuan (HK$549.56 million) from selling back the Shenzhen sections of national highways 107 and 205 to the municipal government for 1.93 billion yuan.