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Merde hits the fan in China....

 
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Merde hits the fan in China.... - 7/1/2014 3:54:33 PM   
Eddie

 

Posts: 6242
Joined: 12/17/2012
From: central Kentucky
Status: offline 		From today's WS Online: ( Chinese Corruption Probe Targets Firms that Bought Bordeaux Wineries )

A Chinese government crackdown on corruption has accused two companies of misusing $43 million in public funds on a shopping spree that included 14 Bordeaux châteaus. The investigation threatens to bring down leading business figures in the People's Republic and could see the châteaus confiscated. It also raises questions about Chinese investments in Bordeaux's wine industry.

Since coming to power, Chinese President Xi Jinping has waged a public war on corruption. Some of the biggest players in China's economic boom have been state-owned corporations and reports of officials and their relatives using political clout to profit have been persistent.

In a report released early this week, China’s National Audit Office (NAO) accused Haichang Holdings Ltd. and Rave Sun group, both based in the coastal city of Dalian, of misspending $43 million (268 million renminbi) in public funds. According to the report, the cash was allocated by the Dalian government to help the firms invest in foreign high-tech companies.

Haichang is a well-known conglomerate in China with investments in property, oil, tourism and shipping; it's owned by the elusive tycoon Qu Naijie (last year, Forbes estimated his net worth at more than $800 million). Qu arrived in Bordeaux in 2010, acquiring his first estate, Château Chenu Lafitte, then quickly snapping up more than 23 châteaus in three years. Haichang installed Chinese management teams at several châteaus and put some back on the market, offering them to Chinese businesses looking to invest in Bordeaux. The company also owned vineyards near Dalian....

The rest of the article is at the link.

I wonder how this will affect the Bordeaux market.......

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RE: Merde hits the fan in China.... - 7/1/2014 4:09:52 PM   
musedir

 

Posts: 23493
Joined: 2/25/2010
From: At 2534ft in Asheville near Royal Pines
Status: offline 		废话是正确的 ！

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"Fan the sinnking flame of hilarity with the wing of friendship; and pass the rosy wine." Charles Dickens.

(in reply to Eddie)
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RE: Merde hits the fan in China.... - 7/1/2014 4:11:47 PM   
mye

 

Posts: 2317
Joined: 3/26/2009
From: Bellevue, WA
Status: offline
quote:

ORIGINAL: musedir

废话是正确的 ！


what? :)

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Post #: 3
RE: Merde hits the fan in China.... - 7/1/2014 4:20:42 PM   
Yossarian

 

Posts: 3035
Joined: 1/8/2010
From: London
Status: offline 		我的仓鼠喜欢谷歌翻译

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RE: Merde hits the fan in China.... - 7/1/2014 4:27:48 PM   
mye

 

Posts: 2317
Joined: 3/26/2009
From: Bellevue, WA
Status: offline
quote:

ORIGINAL: Yossarian

我的仓鼠喜欢谷歌翻译




我知道他写的是什么， 只是我从来没听过那个说法。


< Message edited by mye -- 7/1/2014 4:28:09 PM >

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Post #: 5
RE: Merde hits the fan in China.... - 7/1/2014 5:11:02 PM   
musedir

 

Posts: 23493
Joined: 2/25/2010
From: At 2534ft in Asheville near Royal Pines
Status: offline 		Hamsters? Google? Really...

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"Fan the sinnking flame of hilarity with the wing of friendship; and pass the rosy wine." Charles Dickens.

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Post #: 6
RE: Merde hits the fan in China.... - 7/1/2014 6:13:05 PM   
khmark7

 

Posts: 11425
Joined: 7/6/2008
From: Chicago suburbs
Status: offline 		Looking forward to Bordeaux spinning this in a positive light.

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RE: Merde hits the fan in China.... - 7/2/2014 12:02:27 AM   
Yossarian

 

Posts: 3035
Joined: 1/8/2010
From: London
Status: offline 		Quellle surprise - bucket load of cash being offshored from China into assets.

I believe that is called money laundering.

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RE: Merde hits the fan in China.... - 7/2/2014 1:35:57 AM   
asajoseph

 

Posts: 374
Joined: 11/20/2013
From: Sydney, Australia
Status: offline
quote:

ORIGINAL: Eddie

I wonder how this will affect the Bordeaux market.......


It will probably depress the property market a little in the region. But I doubt it'll make the blindest bit of difference to the wine market.


(in reply to Eddie)
Post #: 9
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