www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

chinadaily.com.cn
left corner left corner
China Daily Website

'Golden opportunity' for Chinese lenders in US

Updated: 2012-07-30 23:28
By Ariel Tung in New York and Chen Jia in San Francisco ( China Daily)

ICBC's completion in July of its acquisition of an 80 percent stake in BEA USA, the California-based subsidiary of the Bank of East Asia Ltd, paves the way for the Chinese bank to expand its US business. The deal marked the first time the Federal Reserve had approved a Chinese bank's attempt to purchase a US bank.

To Caplen, the deal showed there is "declining US resistance" to Chinese investment.

H. Rodgin Cohen, a partner at Sullivan & Cromwell LLP, the law firm that represented the Bank of East Asia in the transaction, said the purchase of the stake suggests the Fed is more receptive to such investment. But, he added, "nobody knows for sure how receptive it would be" toward future deals.

The Fed recognized that Chinese banks have made progress in a relatively short time, Cohen said.

"The Chinese banking regulatory system is clearly more modernized and Chinese banks now have better performance, in terms of being more consistently profitable and having better asset quality," he said.

And the Fed's approval of the deal does not signal an endorsement of Chinese banks in general, according to Francis Zou, a partner at White & Case LLP, which represented ICBC.

One cause of ICBC's success with regulators was the fact that its New York branch turned a profit within its first year. Also, its loans to some Western companies during the crisis helped the Fed in its decision. But those were not the chief reasons the deal was approved, Zou said.

In October 2010, ICBC bought the US broker-dealer operations of Fortis Securities from the France-based BNP Paribas SA. ICBC paid a token $1 for Fortis, which BNP acquired as part of its crisis-fueled 2009 purchase of Fortis Bank of Belgium. The unit, though small, overlapped with the French bank's existing US broker operations.

"When ICBC submitted its application to the Fed, it already had a good track record in the US," Zou said. "For other Chinese banks that aim to expand in the US, a careful expansion plan will be helpful."

The Fed has also decided to allow the Agricultural Bank of China to build a New York office. And Bank of China, which has branches in New York and Los Angeles, was allowed to build a third branch in Chicago.

In Maryland, the state's Department of Business and Economic Development is expecting the arrival this fall of the Export-Import Bank of China, whose first US office will be established in the World Trade Center building along Baltimore's Inner Harbor.

State officials said they have been in talks with their Chinese counterparts since fall 2011, when Governor Martin O'Malley reached out to Li Ruogu, chairman of the bank.

The Export-Import Bank said in a statement that its Baltimore office will concentrate on developing its business, evaluating projects and building relationships within the US market while it considers providing financing to Chinese companies that are trying to invest in the US.

"Establishing a presence in Maryland will yield mutual benefits for both parties and will help to add jobs and increase trade and investment," said Zhu Xinqiang, vice-president of the bank.

"With China having one of the world's fastest-growing economies, it is critical that we move forward now to explore new opportunities for trade and investment, particularly in our shared strengths of science and technology," O'Malley said.

In San Francisco, the home builder Lennar Corp and its partners are in talks with China Development Bank about obtaining $1.7 billion in capital to accelerate the development of the long-delayed Treasure Island and Hunters Point Shipyard-Candlestick Point housing complexes.

Kheay Loke, who works for Lennar's project partner Wilson Meany, said his San Francisco real estate firm is working on Treasure Island. He declined to disclose details about the project.

A senior manager at a local real estate firm, who declined to be identified by name, said discussions with China Development Bank are at an early stage.

Local business and labor leaders have expressed support for the projects, which are to convert two former naval bases into 20,000 new homes, a sports arena and millions of square meters of office and retail space.

San Francisco's city government has pledged hundreds of millions of dollars in bond financing for the projects, but no private lender has shown itself willing to support them.

"We agree it is a shame that no US financial institution has been willing to lend to these projects on reasonable terms," wrote Steve Falk, president of the San Francisco Chamber of Commerce, and Vince Courtney, executive director of the Alliance for Jobs and Sustainable Growth, in an opinion essay in the San Francisco Chronicle.

"It's no secret that our credit markets have remained incredibly constrained since the housing crisis of 2008.

"Should we be concerned about a Chinese State-owned enterprise investing in the United States? We don't think so."

They said the developments will help to add jobs to the design and construction industries.

"As everyone knows, the Chinese are growing their own economy and are looking to invest in industrialized nations. Frankly, there is no better place for the Chinese to invest their dollars than back in America and especially in San Francisco, the gateway to the Pacific."

Contact the writers at atung@chinadailyusa.com and chenjia@chinadailyusa.com

Previous Page 1 2 Next Page

8.03K
 
...
...
...
主站蜘蛛池模板: 国产一区免费在线观看 | 怡红院色视频在线 | 99视频免费观看 | 97在线视频网站 | 国产一级片观看 | 成人在线欧美 | 日本三级全黄三级a | 精品国产一区二区三区四区不 | 亚洲欧美久久一区二区 | 精品国产一区在线观看 | 亚洲一区二区三区四区五区 | 成人在线免费小视频 | 欧美一级毛片图 | 欧美日韩日本国产 | 万全影院亚洲影院理论片 | 亚洲狠狠狠一区二区三区 | 欧美成人精品在线 | 成人免费视频在 | 国产成人v视频在线观看 | 亚洲最新视频在线观看 | 8050网午夜一级毛片免费不卡 | 国产日本三级 | 老头老太做爰xxx视频 | 中文无线乱码二三四区 | 午夜一区二区福利视频在线 | 亚洲精品一区二三区在线观看 | 欧美成人精品三级网站 | 一级视频在线观看 | 日韩经典一区 | 国产精品99 | 久草视频在线首页 | 日韩黄色视屏 | 久久亚洲国产成人亚 | 久久综合精品视频 | 欧美亚洲激情视频 | 乱码一区 | 亚洲色在线视频 | 好吊色37pao在线观看 | 亚洲欧美日韩中文字幕在线 | 久久久久久国产精品免费免费 | 欧洲成人全免费视频网站 |