Chinas outward investment

　　中國的對外投資

　　HAS China arrived at its Rockefeller Centre moment? In the late 1980s as Japans miracleeconomy was soaring, the Mitsubishi Estate Company bought the Rockefeller Centre inManhattan, a landmark complex built by the eponymous oil and banking clan. Alas,Mitsubishi had to sell, at a big loss, after Japans asset bubble popped. Now it is Chinesefirms that are seeking such trophies in New York.

　　中國達到了它的洛克菲勒中心時刻嗎?20世紀80年代末，日本經濟奇跡般飛速增長，三菱房地產公司買下了曼哈頓的洛克菲特中心，它是由齊名的石油和銀行業家族建造的一個具有里程碑意義的復雜體。可惜，在日本泡沫經濟破滅后，三菱不得不以極大虧損價將其出售。如今，中國公司像是正在紐約尋求此類勝利。

　　Fosun International, a Chinese conglomerate, has just agreed to pay $725m for 1 ChaseManhattan Plaza, a skyscraper near Wall Street, commissioned by David Rockefeller andcompleted in 1961. This follows a recent investment by Greenland, a Chinese state-ownedfirm, in Atlantic Yards, a big development in Brooklyn. Earlier this year a consortium involvingZhang Xin, a founder of Soho China, a private property giant, bought a stake in the GeneralMotors Building in Manhattan.

　　中國的一家聯合企業，復星國際，剛以7.25億美元買下第一曼哈頓廣場靠近華爾街的一座摩天大樓，由大衛洛克菲勒實施建造并于1961年完成。緊接著，中國一家國有企業綠地集團投資大西洋院，成為布魯克林的一項重大發展。今年早些時日，中國私有房產巨頭SOHO創始人之一張欣也涵括在內的一個財團，購買了曼哈頓的通用汽車大廈的股份。

　　It does not necessarily follow that this assault on New York will also end in tears. WhereasMitsubishi overpaid, the Chinese investors seem to be negotiating reasonable deals. MichaelCohen of Colliers International, a property-services firm, says that although Fosun mustmodernise the ageing Chase tower, The price per square foot appears to be a bargain.

　　在紐約的此番襲擊未必會像日本那樣悲劇收場。當初三菱收購價過高，而中國的投資者們正商榷一個合理價格交易。來自一家物業服務企業高力國際的Michael Cohen表示，盡管復星國際需要革新老化的大通大廈，但是每平方尺的價格很便宜。

　　A shift is under way in Chinas overseas direct investment , which is growing fast but isstill dwarfed by foreign investment into China . The first wave largely involvedstate-owned firms, and was directed at acquiring energy, minerals and land in poor countries.Resource insecurity lingerswitness the 20% stake taken this week by Chinese statefirms in Libra, a giant Brazilian offshore oilfieldbut it is no longer the driving force. Newmotives propel the second wave.

　　中國海外直接投資的一種轉變正在進行之中，其增速雖快，相比海外對華投資，仍然相形見絀。第一波投資主要涉及國有企業，被用來獲取貧困國家的能源，煤礦以及土地。資源不安尚有殘余，本周一國企購買了一塊大型巴西近海油田Libra的20%股份就足以說明這一點，但資源不再是推動力，新的推動因素正醞釀著第二波投資。

　　Chinas government is keen to boost the miserable yields it gets on its overseasinvestments, argues Thilo Hanemann of Rhodium Group, a consultant. So it is nowencouraging state firms to invest in property in prime locations, and in infrastructure andother assets in mature markets. In Britain, they have invested in Thames Water andHeathrow airport. This week the British government said a consortium involving Chinesestate firms could build a nuclear-power station in the west of England.

　　榮鼎集團顧問Thilo Hanemann表示，中國政府熱衷于提高其海外投資中不見好的收益部分。因此，中國現在正鼓勵國企投資于黃金地帶的房地產，基礎設施以及成熟市場的其他資產。在英國，中國國企在泰晤士水務及希思羅機場投資。本周英國政府方面聲明，一個含有中國國企的財團將在英國西部修建一個核電站。

　　Private firms seeking brands and technology are also playing a big role in this second wave.Geely, a Chinese carmaker, bought Volvo of Sweden. Dongfeng, another Chinese firm, is saidto be considering buying a stake in Peugeot-Citro?n, an ailing French carmaker. On October22nd Alibaba, a Chinese e-commerce giant, said it would open a new division in America toinvest exclusively in internet start-ups. And Lenovo, a computer-maker, is preparing a bidfor Canadas BlackBerry.

　　尋求品牌和技術的私企在第二波投資中也扮演很重要角色。中國汽車制造商吉利買下了瑞典的沃爾沃;據說另一家公司東風，將考慮對法國一家夕陽汽車商Peugeot-Citro?n進行購股;10月22日，中國電子商務巨頭阿里巴巴宣布將在美國開啟新的部門，專門用來投資互聯網創業;電腦制造商聯想，也準備競標加拿大黑莓。

　　As a result, the share of Chinese ODI going to rich countries has shot up from just a tenth in2002 to two-thirds last year. Like Japan before it, China could yet experience a crash. But theshift in investment from free-spending state firms seeking resources to frugal private oneschasing markets and innovation is a positive sign.

　　結果，中國對富裕國家的海外投資份額從2002年的十分之一猛增到去年的三分之二。要是像之前的日本，中國可能已經遇到重創。但是從揮金如土并尋求資源的國企到節儉并追求市場和創新的私企在投資方面的轉變是一個好的跡象。

　　Chinas outward investment

　　中國的對外投資

　　HAS China arrived at its Rockefeller Centre moment? In the late 1980s as Japans miracleeconomy was soaring, the Mitsubishi Estate Company bought the Rockefeller Centre inManhattan, a landmark complex built by the eponymous oil and banking clan. Alas,Mitsubishi had to sell, at a big loss, after Japans asset bubble popped. Now it is Chinesefirms that are seeking such trophies in New York.

　　中國達到了它的洛克菲勒中心時刻嗎?20世紀80年代末，日本經濟奇跡般飛速增長，三菱房地產公司買下了曼哈頓的洛克菲特中心，它是由齊名的石油和銀行業家族建造的一個具有里程碑意義的復雜體。可惜，在日本泡沫經濟破滅后，三菱不得不以極大虧損價將其出售。如今，中國公司像是正在紐約尋求此類勝利。

　　Fosun International, a Chinese conglomerate, has just agreed to pay $725m for 1 ChaseManhattan Plaza, a skyscraper near Wall Street, commissioned by David Rockefeller andcompleted in 1961. This follows a recent investment by Greenland, a Chinese state-ownedfirm, in Atlantic Yards, a big development in Brooklyn. Earlier this year a consortium involvingZhang Xin, a founder of Soho China, a private property giant, bought a stake in the GeneralMotors Building in Manhattan.

　　中國的一家聯合企業，復星國際，剛以7.25億美元買下第一曼哈頓廣場靠近華爾街的一座摩天大樓，由大衛洛克菲勒實施建造并于1961年完成。緊接著，中國一家國有企業綠地集團投資大西洋院，成為布魯克林的一項重大發展。今年早些時日，中國私有房產巨頭SOHO創始人之一張欣也涵括在內的一個財團，購買了曼哈頓的通用汽車大廈的股份。

　　It does not necessarily follow that this assault on New York will also end in tears. WhereasMitsubishi overpaid, the Chinese investors seem to be negotiating reasonable deals. MichaelCohen of Colliers International, a property-services firm, says that although Fosun mustmodernise the ageing Chase tower, The price per square foot appears to be a bargain.

　　在紐約的此番襲擊未必會像日本那樣悲劇收場。當初三菱收購價過高，而中國的投資者們正商榷一個合理價格交易。來自一家物業服務企業高力國際的Michael Cohen表示，盡管復星國際需要革新老化的大通大廈，但是每平方尺的價格很便宜。

　　A shift is under way in Chinas overseas direct investment , which is growing fast but isstill dwarfed by foreign investment into China . The first wave largely involvedstate-owned firms, and was directed at acquiring energy, minerals and land in poor countries.Resource insecurity lingerswitness the 20% stake taken this week by Chinese statefirms in Libra, a giant Brazilian offshore oilfieldbut it is no longer the driving force. Newmotives propel the second wave.

　　中國海外直接投資的一種轉變正在進行之中，其增速雖快，相比海外對華投資，仍然相形見絀。第一波投資主要涉及國有企業，被用來獲取貧困國家的能源，煤礦以及土地。資源不安尚有殘余，本周一國企購買了一塊大型巴西近海油田Libra的20%股份就足以說明這一點，但資源不再是推動力，新的推動因素正醞釀著第二波投資。

　　Chinas government is keen to boost the miserable yields it gets on its overseasinvestments, argues Thilo Hanemann of Rhodium Group, a consultant. So it is nowencouraging state firms to invest in property in prime locations, and in infrastructure andother assets in mature markets. In Britain, they have invested in Thames Water andHeathrow airport. This week the British government said a consortium involving Chinesestate firms could build a nuclear-power station in the west of England.

　　榮鼎集團顧問Thilo Hanemann表示，中國政府熱衷于提高其海外投資中不見好的收益部分。因此，中國現在正鼓勵國企投資于黃金地帶的房地產，基礎設施以及成熟市場的其他資產。在英國，中國國企在泰晤士水務及希思羅機場投資。本周英國政府方面聲明，一個含有中國國企的財團將在英國西部修建一個核電站。

　　Private firms seeking brands and technology are also playing a big role in this second wave.Geely, a Chinese carmaker, bought Volvo of Sweden. Dongfeng, another Chinese firm, is saidto be considering buying a stake in Peugeot-Citro?n, an ailing French carmaker. On October22nd Alibaba, a Chinese e-commerce giant, said it would open a new division in America toinvest exclusively in internet start-ups. And Lenovo, a computer-maker, is preparing a bidfor Canadas BlackBerry.

　　尋求品牌和技術的私企在第二波投資中也扮演很重要角色。中國汽車制造商吉利買下了瑞典的沃爾沃;據說另一家公司東風，將考慮對法國一家夕陽汽車商Peugeot-Citro?n進行購股;10月22日，中國電子商務巨頭阿里巴巴宣布將在美國開啟新的部門，專門用來投資互聯網創業;電腦制造商聯想，也準備競標加拿大黑莓。

　　As a result, the share of Chinese ODI going to rich countries has shot up from just a tenth in2002 to two-thirds last year. Like Japan before it, China could yet experience a crash. But theshift in investment from free-spending state firms seeking resources to frugal private oneschasing markets and innovation is a positive sign.

　　結果，中國對富裕國家的海外投資份額從2002年的十分之一猛增到去年的三分之二。要是像之前的日本，中國可能已經遇到重創。但是從揮金如土并尋求資源的國企到節儉并追求市場和創新的私企在投資方面的轉變是一個好的跡象。