Gary Sands的个人空间

On March 20th, Citigroup sold its 2.71 percent stake in Shanghai Pudong Development Bank (SPDB), reaping a profit of around $349 million after tax.
 
 Citigroup purchased its share in SPDB in 2003, and some analysts believe the sale was related to Citigroup's need to shore up capital in its home market, which is a valid point given the difficulties of banks in the U.S. Citigroup is not the first to take its profits and run - other U.S. banks have been exiting their equity stakes in the Chinese market as of late.
 
 In November of last year, Goldman Sachs sold $1.1 billion worth of shares ...

Many Western financial commentators argue the Chinese real estate market will undergo a "soft landing", pointing out that while some homebuilders in China are heavily leveraged, households are not heavily indebted and could withstand some minor correction in housing prices.  What gives these Western financial commentators their greatest comfort is the Chinese bank requirement of substantial downpayments of 30-40 percent from homeowners. The downpayment is meant to serve as a sufficient equity buffer, with the assumption these downpayments are made from savings after liabilities, so ...

--正如我们1999年以及今天所看到的那样，政治驱动型债务是有风险的。基础设施上的合理投资应该进行合理的尽职调查，不仅要考量长期经济需求，还要可考虑到财务上的可行性、各种风险以及让长期融资需求与长期资本相匹配的能力。
 
 --在一个不需尽职调查即可作出投资决策、而地方政府对债务不担负责任的体系内，任何控通胀、抑增长即打压房地产的重大措施都可能恶化地方政府的金融形势，影响偿债能力——一个再熟悉不过的潜在危机。
 　　 
 Back in 1999, China set up asset management companies to clear bad loans off the books of the large state-owned banks, which were saddled with piles of debt after decades of politically moti...

　　--我曾在不同场合数次向老外们解释为什么我每日必看CCTV-9,还有，为什么我愿意完整地读完China Daily。我的观点是：要想对一个问题形成客观看法，你必须兼听并试着去理解不同的观点。
 　　
 　　--有人说CCTV Amercia只不过是政府获取“软实力”的一次尝试。那又怎么了？所有国家都有权以和平方式向他国传达其价值观和信仰；至于是否接受这是个人的权利。
 　　
 　　At 9 a.m. this morning, I switched on China Central Television's channel 9 to catch up on the latest news in English, expecting to find the usual smiling faces.  To my surprise, on display were American faces – those of CCTV America, anchored in Wa...