New York Times Senior Writer Howard French reproduces some interesting articles on his blog, which is here. French also posts original stuff not written for the New York Times there.
In the section of his site that record other people’s writing, French has kindly made available the Financial Times recent story Chinese investors target virgin markets: CHINA GOES SHOPPING by Andrew Child and David White.
Some excerpts:
The red Chinese lanterns decking the entrance to Sierra Leone’s biggest hotel are a sign of the times.
At the height of the West African country’s decade of destructive civil war, the state-owned Bintumani Hotel on the outskirts of the capital, Freetown, was occupied and then trashed by rebel soldiers.
After three years of peace, the building, renovated and run by the Beijing Urban Construction Group, now stands as a symbol of a different kind of occupation.
Many of its clients, like its managers, are Chinese – executives beating a path to one of the world’s more remote investment destinations.
The spread of Chinese business influence, visible across West Africa, is all the more conspicuous in Sierra Leone, After pulling out while the fighting was going on, Chinese interests are back with an increased presence.
Apart from fishing and textiles, Chinese companies are involved in a project to start tractor assembly later this year, a contract to revive the country’s only sugar factory and an ambitious Dollars 266m (Euros 205m, Pounds 140m) plan for an ocean-front tourism complex…
…“The only ones who are coming and investing at this stage are the Chinese,” notes a United Nations official in Freetown. “Everybody else is staying away.”
…“The early bird catches the worm,” comments Zhao Zhongwhere other foreign investors are rare.
After pulling out while the fighting was going on, Chinese interests are back with an increased presence.
Apart from fishing and textiles, Chinese companies are involved in a project to start tractor assembly later this year, a contract to revive the country’s only sugar factory and an ambitious Dollars 266m (Euros 205m, Pounds 140m) plan for an ocean-front tourism complex…
…“The only ones who are coming and investing at this stage are the Chinese,” notes a United Nations official in Freetown. “Everybody else is staying away.”
…“The early bird catches the worm,” comments Zhao Zhongqui, China’s economic and commercial counsellor in Freetown. He suggests the confidence shown by Chinese companies reflects a close understanding of the issues in developing economies, based on China’s own recent experience. But it is also evidence of a new risk-taking spirit.
At the Bintumani Hotel Yang Zhao, general manager, puts it simply: “Chinese believe high risk can bring high benefit.”
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