Word: spree
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This measured approach may help Chinese firms avoid the disaster that befell many Japanese companies when they went on their foreign-spending spree in the late 1980s. The Japanese not only met xenophobic public opposition in the U.S. but also in several instances vastly overpaid for glamorous properties, like Rockefeller Center. "I don't expect China to go in for trophy properties," says JPMorgan's Ulrich. "They know the lesson of the Japanese debacle." That said, she concedes, the odds are that Chinese companies will make mistakes of their own, given the sheer volume of deals to come. "This...
This measured, strategic-stake approach may help Chinese firms avoid the disaster that befell many Japanese companies when they went on their own foreign spending spree in the late 1980s. The Japanese not only met considerable public opposition in the U.S., but in several instances, vastly overpaid for glamorous properties such as the Pebble Beach golf course. "I don't expect China to go in for trophy properties," says JPMorgan's Ulrich. "They know the lesson of the Japanese debacle." That said, she concedes, the odds are that Chinese companies will make mistakes of their own, given the sheer volume...
...same way. The glaring economic imbalances of 10 years ago are no more. Asia has not only repaired much of the damage but taken out insurance-perhaps too much insurance-against a similar accident. During the 1990s Asian countries borrowed and spent beyond their means, a spree fueled by economic liberalization, overvalued local currencies and a flood of cheap foreign investment. But liberalization was badly executed, with political cronies running roughshod over regulators. Companies and consumers borrowed too much, much of it in foreign currencies. When Thailand's central bank ran out of foreign exchange...
...presidential suite, helicopter and gondola rides, a champagne-tasting dinner on a yacht complete with rose petals strewn about and a string trio, use of a luxury car throughout the stay, in-room couples spa treatment, a $5,000 casino line of credit, a $50,000 shopping spree at Neiman Marcus, 14 dozen roses and a butler-drawn Cristal champagne bath...
...economy is slowing, and an election year looms. If the U.S. economy stumbles, China will be the biggest, fattest target on which to pin the blame. Meanwhile, China will likely continue recycling its massive foreign reserves, possibly making itself an even bigger target by going on a buying spree similar to Japan's in the late 1980s and early '90s: Japan buys Hollywood! Japan buys Pebble Beach! Japan buys Rockefeller Center! Remember too, Japan was an ally; the idea of a traditionally antagonistic (and, nominally, Communist) nation buying up U.S. assets won't likely sit well with American voters. Already...