Word: shanghaied
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...China’s tremendous economics strides during the last decade are well known. Even though it’s only been two years since my previous visit to Shanghai, China’s progress is undeniable. In addition to having scores of new skyscrapers, the city is now also considerably cleaner. Granted, a gray haze still blankets the sky on most days, but large cities like Shanghai have made a concerted effort to reduce pollution and construct beautiful public parks amidst the downtown buildings...
...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...
...domestic investors-who have very limited access to markets abroad-makes sense. China's equity markets have a reputation for being poorly regulated casinos. Giving investors the opportunity to buy stakes in China's leading corporations under a more robust regulatory regime (starting this year, companies listed in Shanghai and Shenzhen must meet internationally accepted accounting standards) is a significant upgrade for the country's financial system, says...
...have driven house prices beyond the reach of average people. The fact that property prices in places have declined while stock prices have soared is not an outcome that displeases the government. "If the new listings diverted some savings that were otherwise driving up the price of apartments in Shanghai-and they definitely did-that was fine [by Beijing]," Sun says...
...already miffed at the government for allowing the IPO spigot to open wide, saying that the burgeoning supply of shares could push prices down. As far as the authorities are concerned, a bit of a correction is probably welcome. But they don't want a bust. When the Shanghai Composite Index plunged 8.8% in February after analysts warned Beijing was about to impose a capital-gains tax, the government quickly backed off. Stocks resumed their rise, but dangers remain. As tech investors learned in 1999, corrections have a way of becoming something worse-and $52 billion plunked into IPOs...