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Q: Wakeup call from Lotte Korea. Still wanna keep your monies in commieland?

http://www.scmp.com/news/china/diplomacy-defence/article/2107827/chinese-authorities-seize-equipment-south-korean-retail

 

Aug 22, 2017.  "Chinese authorities have confiscated dozens of items of machinery from two supermarkets owned by South Korea’s retail giant Lotte Group – the latest move that threatens business links between the two nations, which are currently locked in a diplomatic stand-off.

 

Inspectors from the Beijing Development and Reform Commission have seized 23 pump motors and four power transformers from two Lotte Mart stores in the capital city in the wake of a special crackdown on energy consumption, Beij ing Evening News reported......,The equipment, which the authorities said failed to meet the city’s power conservation standards, will be dismantled and all the components will go under the hammer, the report added."

 

Yeah, right, china is such an environmentally conscious country...... Yeah, right, under the hammer......

 

Sept 15, 2017. http://www.straitstimes.com/asia/east-asia/faced-with-continued-pressure...

 

 

"On Thursday, reports citing sources at Lotte said that Lotte Shopping had decided to sell its Lotte Mart brand's 112 stores in China under the management of Goldman Sachs. Lotte Mart is a discount retail chain run by Lotte Shopping."

 

Still wanna do business in commieland, or keep your monies in commiebanks?

2 years 8 weeks ago in  Business & Jobs - China

 
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Governor

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The only types of businesses one should run in China are the ones that require minimal physical assets. I think of consultancies, also trade offices, basically being a middle man.

 

The only things you need to run a successful consultancy are a desk, a chair and a computer. CCP can seize my office all they want, they won't find anything else in it.

 

As for that sweet money I have made, my customers mostly pay me in EUR on my German account. The rest in RMB is long converted and gone from China already.

 

Even if they close my office and kick me from China, I have a long enough list of contacts to work from anywhere. Good luck if they want to hurt my business, not a chance.

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2 years 8 weeks ago
 
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"The Hammer" must be the name for the reverse engineering division.

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2 years 8 weeks ago
 
Posts: 1101

Governor

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The only types of businesses one should run in China are the ones that require minimal physical assets. I think of consultancies, also trade offices, basically being a middle man.

 

The only things you need to run a successful consultancy are a desk, a chair and a computer. CCP can seize my office all they want, they won't find anything else in it.

 

As for that sweet money I have made, my customers mostly pay me in EUR on my German account. The rest in RMB is long converted and gone from China already.

 

Even if they close my office and kick me from China, I have a long enough list of contacts to work from anywhere. Good luck if they want to hurt my business, not a chance.

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2 years 8 weeks ago
 
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Minor Official

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The problem with doing business in China is not because it's a "commieland" (it's actually practicing the worst form of capitalism, but that's for a different Q&A). The problem is that it's an authoritarian regime that for survival reasons and to divert attention from pesky domestic problems, it "creates" foreign enemies, on a regular basis. So basically a few months ago S Korea took its spot as a country in the "annual rotation of China's enemy no. 1".Before that it was the Philippines, Vietnam, Japan etc. Tomorrow it may be your, or my, country.

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2 years 7 weeks ago
 
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Here's the problem, how many people outside of China will know about this? Businesses will continue to pour in because of greed and ignorance

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2 years 7 weeks ago
 
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