this one blows us away
There is a fine art to blowing your own trumpet. It helps to have something to shout about and then there is the manner of the boast. Ernst & Young has adopted the maximum volume approach in promoting its advisory role in the non-performing loan auction by Huarong Asset Management Corporation.
Last week Huarong announced it had sold five tranches of loans from a total of 22 on offer. Negotiations continue on 14 of the remainder so it's a moot point as to how successful the sale was. Yesterday (seven days after the event), the accounting firm offered its own version of events with a release that screamed, 'Ernst & Young blows open the China debt market'.
And what about the progress on the rest of the sale, we enquired. No comment, came the reply. Blown away we were.
IPO fever contagious
Lai See is well used to receiving news releases from our eager beaver investment promotion agency on how many companies are beating a path to Hong Kong to set up shop. The form is predictable. Company X has hired a few people, got a very nice lunch from InvestHK director-general Mike Rowse and felt compelled to announce the marvellous advantages of our fair city.
