Aided By Financial Crisis, China Gains Key Assets, page 1

Aided By Financial Crisis, China Gains Key Assets

www.washingtonpost.com

Chinese companies have been on a shopping spree in the past month, snapping up tens of billions of dollars' worth of key assets in Iran, Brazil, Russia, Venezuela, Australia and France in a global sale set off by the financial crisis.
The deals have allowed China to lock up supplies of oil, minerals, metals and strategic resources it needs to continue to fuel its growth. The scope marks a shift in global finance, roiling energy markets and feeding worries about future availablility and prices.

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[edit on 17-3-2009 by jdub297]

[edit on 17-3-2009 by jdub297]

Even as global financial flows have slowedl, China has dramatically stepped up its foreign investment. Its 2008 overseas mergers and acquisitions were worth a record $52.1 billion. So far this year, Chinese companies invested $16.3 billion, meaning the total for 2009 could be nearly double last year's.

China's media are calling the acquisitions an opportunity that comes once in a hundred years, drawing parallels to 1980s Japan.

China investing or acquiring overseas mineral resources companies with relatively low prices during the global economic crisis is quite a normal practice. Japan did the same thing in its prime development period, too.

It's not just Chinese corporations that are taking advantage of the economic crisis to help themselves.

The Chinese government also has come to the rescue of ailing countries, such as Jamaica and Pakistan, that it wants as allies, extending generous loans. Even Chinese consumers are taking their money abroad. In a shopping trip last month organized by an online real estate brokerage, a group of 50 individual investors from China traveled to New York, Los Angeles and San Francisco to purchase homes at prices that have crashed since the subprime crisis.

Foreign automakers may be next on China's acquisitions list.




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reply to post by jdub297

---

Now, they've got Hummer. Where will they go next?

I saw this coming 6 month's ago!

jw

As if that wasn't enough, they've got a corner on the market for green technology.

"Rare Earths Vital, and China Own Them All"

www.abovetopsecret.com...

Of course, we're about to tax our industry into the industrial third-world and, as Energy and Climate change Czar Browner, Energy Secretary Chu and Science Czar Holdren want, "de-develop" the United States.

Aren't we glad for "change?"

jw

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