A Chinese company broke ground this week on the world’s tallest skyscraper only to stumble at the first hurdle when the government halted the project, saying building permission hadn’t been obtained.
The wild ambitions of Broad Group, which wanted to complete the skyscraper in less than a year, and the administrative edict blocking it make for a good story in their own right. But they also serve as a parable about the distorted development of the Chinese economy. Continue reading »
A seasonal gift from Beijing for canny, or lucky, investors in Hong Kong. China Machinery Engineering Corporation (CMEC), the state-owned contractor, saw its shares leap by as much as 19 per cent as it made its HKSE debut on Friday.
With Asian markets generally weak on Washington’s failure to reach a fiscal cliff deal, CMEC’s soaraway $500m initial public offering was a surprise bonus on an otherwise dull day. Continue reading »
Hong Kong’s market for new stock listings has taken a sickly turn as concerns about the eurozone and a sharper than expected slowdown in China have rattled nerves. IPOs for Graff of London and several Chinese companies including car dealers China Yongda have been pulled in the past few days.
One sector seems especially unlikely to achieve its hoped-for HK listings: the construction machinery business. Continue reading »
Buying Putzmeister, the former market leader in concrete pumps, was a statement of intent by Sany, the Chinese construction equipment maker. In an interview with Tang Xiuguo, Sany president, the FT’s Peter Marsh examines the implications of the deal for the company, the industry and manufacturing at large.
Hengqin Island used to be known for one thing, and one thing only: oysters. But today, its many oyster shacks and fish farms are being demolished to make way for highways and skyscrapers.
The Chinese island located next to the casino town of Macao is being transformed into a special economic zone offering business concessions not found anywhere else in the country. Continue reading »