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To: russwinter who wrote (30974)	9/28/2004 11:54:13 AM
From: LLCF	Respond to of 39344

Russ, Wouldn't they normally trade near NAV? DAK

To: russwinter who wrote (30974)	9/28/2004 11:57:59 AM
From: ild	Respond to of 39344

Do you have any info on how big initial offering they are planning?

To: russwinter who wrote (30974)	9/28/2004 12:34:18 PM
From: Michael Bidder	Read Replies (1) \| Respond to of 39344

Russ heres my take on China as per your PM. (I am currently in China in a HUGE city that rivals anything in the USA, Guandzhou. 10+ Million). Here is what I found. Corruption is a NORMAL course of business is China. I have experienced this first hand, expect to get nothing done without the payoff system. Here is an example: An expatriated Chinese, call him Mr. Leung, learns that a Chinese company bought some software necessary for their companies efficiency. Mr. Leung went to the Governor of the region to mention that if the “Company A” agent wished to buy further software it would be wise to contact him directly. The implication is that Mr. Leung could help the Governor in some way. The Governor arranges for the Chinese firm to purchase more software. Mr. Leung adds costs to the software. The large fee contains the bribes for the Governor, the purchaser and the profit for Mr. Leung and the software seller, everyone is happy. The Governor helps the Chinese purchasing agent who subsequently is promoted. The Central Government is paying for the whole farce, thus the system if not efficient. On another level corny banks are supporting bankrupt companies in China. I think I may have visited one such factory. The correction may be years away. I expect it will come after some calamity, like the election of John Kerry ;) I will be looking at property here mainly our of interest. Apartments seem cheep, $100,000 USD for a nice centrally located 3 bedroom, 1000 sq/ft apartment. Best to you Russ, Michael