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作者: 来源: 日期:2016/11/1 8:46:12

Chinese investors take a tumble on the global stage





Some of the early western investors in China bungled so badly you have to wonder how they managed it.



When Bass swept through China’s “open door” in the 1990s, the UK brewer chose a rough bunch of rural entrepreneurs from a company called Red Mouth as its partner. It then located its brewery in a remote area near North Korea that froze in winter and flooded in summer. Logistics were so poor, it could take two months for the company’s overpriced Tennents lager to reach the big markets of south China. Tempers flared, relations broke down and Bass called time on the enterprise in 2000.

当巴斯(Bass)在上世纪90年代冲进中国“打开的大门”的时候,这家英国酿酒商选择与来自一家名叫“红嘴”(Red Mouth)的公司的一群大老粗乡村企业家合作。它随后将啤酒厂设在了靠近朝鲜的偏远地区——该地区冬季滴水成冰,夏季洪涝不断。物流非常糟糕,以致公司花两个月时间才能将其价格高昂的Tennents啤酒运送到中国南方的庞大市场中。脾气发过了,关系破裂了,巴斯在2000年终止了这项业务。


It is now the turn of Chinese investors to indulge in similar follies as they pursue Beijing’s edict to “go out” into the world. They are proving at least as accomplished as their western counterparts in their talent for hubris and blinkered self-deception.



As Chinese mergers and acquisitions overseas are coming under increased scrutiny from governments in Europe, the US, Australia and elsewhere, Nearly $40bn in planned Chinese mergers and acquisitions have been scuppered since mid-2015 — mostly because of governments’ heightened concerns about security and competition. This figure does not include the proposed €670m takeover of Aixtron, a chip equipment company, for which Berlin this month withdrew permission after receiving “previously unknown security-related information”. Nearly $40bn in planned Chinese acquisitions have been scuppered since mid-2015, mostly because of politicians’ concerns about security and competition.

由于中资并购日益受到欧洲、美国、澳大利亚以及其他国家政府的审查,自2015年年中以来,近400亿美元的中资拟议海外并购告吹——多数是因为各国政府日益担忧安全和竞争问题。这一数字还没有包括中国人对德国芯片设备制造商爱思强(Aixtron) 6.7亿欧元的拟议收购——在收到“先前未知的安全相关信息”之后,德国政府上月撤销了批准。广州投资翻译公司。


Even when Chinese deals are approved, they can result in spectacular flare-ups — and a lack of due diligence is often the cause. Wang Jianlin, one of China’s richest people, was quoted this year as telling Periodista Digital, a Spanish news website, that he had been “treated like a dog” following his 2014 €265m acquisition of Edificio España, an iconic Madrid s most iconic building from the Franco era, ran into trouble. His company, Dalian Wanda, denied he had made the remark.

即便中资并购交易获得批准,也可能引发轩然大波,缺乏尽职调查往往是诱因。据说中国首富之一王健林今年向西班牙新闻网站Periodista Digital表示,在他2014年以2.65亿欧元买下西班牙大厦(Edificio España)之后,西班牙政府“像对狗一样对我”。西班牙大厦是马德里最具标志性的佛朗哥时代的建筑。大连万达(Dalian Wanda)否认王健林说过这些话。


But there has been no camouflaging the property magnate’s pique after city authorities turned down his application to demolish and rebuild the protected 25-storey tower. Threatening that he would “never invest again”, he said in an interview on Chinese state television this year that the dispute was a lesson: that planning permission should be obtained in advance for overseas investments. Wanda is now selling the building it bought in 2014. “Chinese businesses often don’t know what they don’t know,” says Yintong Betser, managing director of Active Anglo Chinese Communications, a business consultancy in London. “Preparation is key in market research, human resources, the legal system and business practises. But these are neglected in many cases.”

但在马德里市政当局驳回他推倒重建这座列入保护目录的25层高大楼的申请之后,这位地产大亨的不满显露无疑。王健林今年在接受一家中国国有电视台采访时威胁称“永远不会再投资”,并称此次纠纷是个教训:海外投资应该预先获得规划许可。万达如今正在出售这幢购于2014年的建筑。伦敦商业咨询公司英中创易(Active Anglo Chinese Communications)的执行董事阴彤(Yintong Betser)表示:“中国企业往往不知道他们不知道什么。在市场研究、人力资源、法律体系和商业实践方面做好准备非常重要。但他们在许多情况下忽视了这些。” 广州投资翻译公司。


In some ways, China’s own business environment culture offers little by way of coaching practice for working with western companies. Extreme reverence for corporate hierarchy in a country where bosses are universally called always known as zong, or chief, can be suffocating, especially when the chief executive insists on making all decisions on overseas deals.



Rigid obedience can inhibit suggestions from the on-the-ground teams executing a deal, compounding weaknesses in due diligence, local knowledge and cultural understanding. All this contributes to helps to explain the fact that about two-thirds of overseas deals by Chinese acquirers run into trouble, according to a survey by BCG, a consultancy.



Citic, a Chinese conglomerate, took a $2.5bn write down in the value of a on an iron ore project in Australia following protracted legal squabbles with Clive Palmer, its local partner. Mr Palmer has gone went on television to publicly denounced the Chinese as “bastards” and “mongrels” who “shoot their own people”. He later apologised for the remarks.

在与澳大利亚合作方克莱夫•帕尔默(Clive Palmer)陷入旷日持久的法律纠纷之后,中信集团(Citic)对其澳大利亚铁矿石项目计提了25亿美元的减值准备。帕尔默在电视上公开辱骂中国人是“自相残杀”的“混蛋”和“杂种”。他后来就这些言论道了歉。广州投资翻译公司。


Cold experience is also dissolving an assumption among some Chinese investors that their ventures will be safer in countries where Beijing has blazed a diplomatic trail. Abandoned Chinese-financed mega projects now litter parts of Latin America and Africa, left behind by casualties of shifting political expediencies and dwindling financial resources.



The west African country of Gabon, courted by former president Hu Jintao, has scrapped a $3.5bn Chinese project to develop the Belinga iron ore deposit following a cooling in relations. In Venezuela, recipient of $65bn in development loans from China, projects such as an $800m high-speed railway have hit the buffers due to lack of funds. A Chinese-invested $3.5bn resort called Baha Mar in the Bahamas has been hit by legal disputes, chronic delays and open bickering by local and Chinese partners.

曾被中国前国家主席胡锦涛大力争取的西非国家加蓬在两国关系冷淡之后,取消了中国投资35亿美元开发贝林加铁矿的项目。在接受了中国650亿美元开发贷款的委内瑞拉,8亿美元高铁等项目由于缺乏资金而搁浅。中国人在巴哈马投资35亿美元建设的Baha Mar度假村遭遇法律纠纷,项目一拖再拖,中国和当地合作伙伴公开发生争吵。


The size of the investments afflicted by such mishaps are making Chinese investors overseas appear unlucky, careless or both. By comparison, the indignities suffered by Bass and other foreigners as their China dreams evaporated are starting to look quaint.