At dinner the other evening at Le Cirque, one of the city’s top dining spots
for the rich and famous, a money manager there estimated that up to 8% of the
patrons were from China.
Add a couple of announcements over the past week — a $1 billion Chinese
retail acquisition by Wal-Mart and Versace’s plans to open nine stores in China
— and signs of China’s emergence as an economic powerhouse are becoming
a lot more conspicuous.
Maybe so, but powder puff may seem a much more appropriate designation than
powerhouse to investor Melody Mark, who got four stock tips from friends on
various Chinese companies and bought them all, she wrote, because they all sounded
like a sure thing.
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