Word: shanghaiing
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...course. Jack Nicklaus, a pioneer among the player-designers, has announced a $1.35 billion golf-resort venture in the Cape Verde Islands, off the West African coast. Gary Player Design built the first public course in China on an island off Hong Kong and just opened another course outside Shanghai. "Seventy percent of the people who live on these courses in Asia don't play golf," says Marc Player, CEO of Gary Player Design. "They just want the lifestyle." Which is easier to achieve than...
...question-is there a bubble in China stocks?-is of global concern because of the knock-on effect a meltdown could have on markets worldwide. After soaring 130% last year, the Shanghai Composite Index suddenly buckled on Feb. 27, plunging 8.8% and giving investors in the rest of the world a sudden case of the Chinese flu. Since then, however, China stocks have resumed their near-vertical ascent, in recent weeks setting record highs almost daily. By some estimates, there is now more money in the Shanghai stock market than there is in bank savings accounts nationwide-this...
...With Shanghai stocks now trading at an average of about 38 times their projected 2007 earnings-a high ratio even for a fast-growing developing economy-China is causing a serious case of the shakes. The issue isn't simply that the little guys are in danger of losing their savings. It's whether a serious market downturn might blunt, or even reverse, China's growth. Mainland authorities have already made it clear that they are concerned about economic overheating, "and the stock market is part of that picture," says an economist at the China Academy of Social Sciences (CASS...
...equity market, they're likely to be disappointed. Savings accounts in China yield about 3%. With annual inflation running at about the same rate, that's no return at all. "Bank savings are ridiculous," snapped Li Gongren, a 55-year-old retired businessman, while he was loitering in a Shanghai brokerage office this week. "Why would you put your money in the bank and make nothing when you can make money in stocks...
...indeed? Not everyone is convinced that a bust is inevitable. China's stellar track record of managing its economy over the past decade makes some analysts relatively confident a soft landing can be engineered. A hedge-fund manager in Shanghai notes that AIG, the insurance giant, tried this month to raise $1.3 billion to launch a China stock fund-and fell $400 million short of that goal. "There are signs that this is going to cool off, but not crash," he insists. Jun Ma, a Deutsche Bank economist in Hong Kong, says the recent rate hikes should keep inflation...