Chinas optimism fades but watch for pockets of growth
posted in Uncategorized |Keeping track of the widening casualties of the global recession in China is becoming increasingly difficult, but it is still worth watching for pockets of opportunity. Leaving aside the export sector, it seems intuitive that many of the industries that fed off the asset and property bubble on the way up will be spat out on the way down. One surprising new casualty of the economy is the jobless golf caddie. Mission Hills, the self-proclaimed biggest golf club on Earth and recent host of the World Cup of Golf event, is sacking 2,000 employees, or 20% of its staff, according to a recent Bloomberg news report. But KPMG said in a recent study that golfers in China pay on average US$161 a round — the highest in the world.
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