This is proving to be one
of the most exciting research trips to Asia that I have ever made. Not just
because of the buzz surrounding the Olympics, but mainly because of the cascade
of investment opportunities that I am uncovering during my stay.
In fact, my biggest
problem is that I am finding so many amazing growth stories, that narrowing down
the list to the best that China has to offer is not going to be easy. I now know
how San Francisco 49ers coach Bill Walsh must have felt when trying to decide
what quarterback — Joe Montana or Steve Young — to start.
Beijing's "Main
Street" Is Bustling With Business
To give you an idea, let
me take you on a walk around the corner from my hotel and down Wangfujing Street
in Beijing.
Wangfujing is the main
commercial retail street in Beijing and is packed with both tourists and
affluent Chuppies (Chinese yuppies) seven days a week.
It's a 700-year-old
commercial boulevard near the Forbidden City and aims to rival New York's Fifth
Avenue, the Champs-Elysees of Paris and the Ginza in Tokyo. It has two major
shopping malls, several large department stores, and hundreds of shops including
dozens of western businesses like Nike, Starbucks, Apple, McDonalds, as well as
high-end retailers such as Tiffany.
So much for setting the
locale. Now, here are some pertinent observations:
One of
the first things I do after landing in a foreign country is convert my U.S.
dollars into local currency. I've learned that the currency desks at airports
offer some of the worst exchange rates so I head straight for the Bank of China
(Hong Kong: 3988), the fifth largest bank in the world, for the best exchange
rate. I've never invested in a Chinese bank and after witnessing the steady
stream of banking customers, I may have to re-think my views of Chinese
banks.
I
prefer green tea over coffee, but there is seldom an empty seat at Chinese
Starbucks stores that I pass by. And not just in the morning, either. Starbucks
has become one of the most popular places for young Chinese couples to go for
dates. Starbucks may be stumbling in the U.S., but business is BOOMING in
China.
I
always hit a local grocery store when I travel to stock up on fresh fruit and
drinks. I do so because I get tired of the high-calorie hotel food and because
(according to my children) I am a big cheapskate.
