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...president and CEO of United Controls International, which tests circuit breakers and fuses for nuclear power plants, actually had banks competing to lend him money to buy a new building. "I've never seen an environment like this," he says. "Banks are clamoring for my businesses." He now has three offers on the table and is going back to each of the banks, which have started lowering interest rates and removing loan covenants in order to win his business...
...government asked him to move out of his central Shanghai home so that the land it was on could be sold for redevelopment, he took the compensation payment and bought an apartment on Shanghai's outskirts. Eight years later, after cleverly parlaying that first asset, the cabbie owns three apartments in the city and has his eyes on something bigger: a lovely five-bedroom, riverfront suburban house, owned but never occupied by a coal magnate from Shanxi province. "How much does he want for it?" he asked a local real estate agent in late February. When told the answer...
...different from that of the U.S. The first is that the real estate sector is nowhere near as reliant on debt financing as it is in the U.S. and much of the rest of the developed world. Consider the complex in which Yang, the cabbie, bought one of his three Shanghai apartments. The developer, Shanghai Forte Land, presold all the units before spending a cent on construction. In China's residential market, financing development with customers' cash, not loans, is standard operating procedure...
...years down the road from a nasty bout of inflation - consumer prices rose a staggering 21% in 1994 - the Chinese regard real estate as vital security (what Tsinghua's Chovanec calls the "bar of gold" syndrome). Yang says he hasn't even tried to rent out two of his three apartments because "it's not that important to gain income from them; there is security in just owning them. They are paid for, and I know that if I ever get into any kind of economic trouble I can sell them. That's real security...
...Naisbitts posit eight future developments for China; none are insightful. There's "Crossing the River by Feeling the Stones," which meant something when Deng Xiaoping uttered this maxim of pragmatic, step-by-step reform, but has become little more than a cliché three decades on. "Emancipation of the Mind" also looks tired after an entire generation of Chinese has grown up with an openness unimaginable to their parents...