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Post Attempting to Do Business in China; from Ric Mauricio
Created by John Eipper on 10/29/17 8:17 AM

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Attempting to Do Business in China; from Ric Mauricio (John Eipper, USA, 10/29/17 8:17 am)

Ric Mauricio writes:

I too have attempted to do business in China. My clients have done or attempted to do business in China. However, not being a good little Communist, I found it to be extremely challenging. Like Istvan, my wife is Chinese, but that did not help at all, since she is as American as one can be (San Francisco-born). I guess since I am also as American as one can be, it would in itself be challenging.

My client shared with me the nuances of owning property in the PRC. Unlike the US (which is why many PRC citizens love to buy US real estate), you cannot own the land. You just own the property on the land. The land belongs to the "people." She told me that the escrow process is fraught with danger, with escrow officers taking the funds and investing elsewhere while waiting for the sale to close.

By the way, in a previous post, someone stated that China has no venture capitalists. Ah, but there are. You see, China's VCs are based in Taiwan. So the saber-rattling that you see is just that--all show, no substance.

The PRC, although Communist in government, is one of the most capitalistic societies today. When I was last in Beijing, in 2012, my tour group was approached by a gentleman selling doodads, and I blurted out, "Good ole capitalism." Oops.

It is possible to do business in China, but you must have a trustworthy Chinese partner. Hmm.  It is easier to just buy Alibaba.

BTW, 67% of China's GDP is attributed to the SOEs (State Owned Enterprises).

JE comments:  Cameron Sawyer recently wrote that the SOEs employ just 16% of China's population.  Are both numbers correct--meaning, do 16% of the Chinese produce 67% of the GDP?  This doesn't make sense, especially given the assumption that the SOEs are less productive than their private-sector counterparts.

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