Hong Hao: From Singapore to Dubai (AI Translation)
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专栏作家 洪灏
Columnist Hong Hao
从中东游学旅程回来已经两周了，一直想提笔记录一下这次旅行。然而每每一提起笔来，市场就大幅波动，让人自顾不暇。这个周末，市场刚刚经历了“历史上最重要的美国就业数据”的洗礼。周日傍晚的浦东机场，显得格外冷清。等飞机，最是写作的佳时。
It has been two weeks since I returned from my study tour in the Middle East, and I have been wanting to jot down my experiences from the trip. However, every time I picked up my pen, the market would undergo significant fluctuations, leaving me with no time to spare. This weekend, the market had just endured the impact of what is being called "the most important U.S. employment data in history." Pudong Airport was particularly quiet on Sunday evening. Waiting for the plane turns out to be the best time for writing.
说是中东之旅，其实也不尽详确。毕竟，旅程的一部分时间，我们在新加坡走访了一系列全球著名的量化和私募股权基金，以及新加坡的主权基金。这次游学选择的这两个城市，都是现在全球交通航运的枢纽和重要的金融中心，也是中国资本重要的出海的目的地：新加坡现在是亚洲最主要的金融中心之一，作为一个交通枢纽到达大部分一个亚洲和近东的主要城市，只需要八小时左右；而在每一个迪拜得会议上，会议的主持人都会特别强调迪拜的八小时飞行范围也覆盖了全球大部分的主要城市。
Though it was described as a Middle East journey, that label isn't entirely accurate. After all, part of our trip involved visiting a number of globally renowned quantitative and private equity funds, as well as the sovereign wealth fund in Singapore. These two cities chosen for this educational tour—Singapore and our Middle Eastern destination—are both critical global hubs for transportation and significant financial centers. They are also key destinations for Chinese capital going abroad. Singapore, now one of Asia's foremost financial centers, serves as a transportation hub, reaching most major cities in Asia and the Near East within approximately eight hours. Similarly, during every meeting in Dubai, the hosts would specifically highlight that an eight-hour flight from Dubai covers most of the world's major cities.
虽然是初秋，新加坡天气的炎热并没有阻碍我们游学的步伐。我在拜访全球顶尖的私募股权的同时，也给现场的观众做了一个即兴的分享。我们讨论了中国市场和海外市场的对比，源自于文化传统的风险偏好差异和风险管理哲学的不同，以及由此而产生的机会和风险。
Although it was early autumn, the heat of Singapore did not hinder our steps in educational travel. While visiting some of the world's top private equity firms, I also gave an impromptu presentation to the audience on-site. We discussed the comparisons between the Chinese market and overseas markets, the differences in risk preferences stemming from cultural traditions, and the contrasting philosophies of risk management, as well as the resulting opportunities and risks.
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- The author visited Singapore and Dubai, noting their significance as global financial hubs and highlights experiences with local markets, assets, and economic conditions in these cities.
- Singapore's financial center status was emphasized, with mentions of significant price increases and the city becoming a destination for global millionaires; Dubai, on the other hand, is evolving post-oil economy with high investments and real estate development.
- Both cities exemplify growth through financial openness, talent attraction, and infrastructure investment, reflecting different economic models and their impact on local and global scales.
**Summary**
After a whirlwind two-week study tour in the Middle East, interspersed with visits to significant financial centers in Singapore and Dubai, I finally found quiet time at Pudong Airport to document these rich experiences. The trip extended beyond the Middle East label, incorporating visits to renowned investment and sovereign wealth funds, highlighting Singapore and Dubai as prime destinations for Chinese capital going abroad. [para. 1][para. 2]
Singapore, a critical transportation hub and top-tier financial center, allows access to major cities within an eight-hour radius. Similarly, Dubai boasts its global connectivity and high accessibility. Despite the sweltering early autumn, the Singapore leg involved enlightening engagements with private equity firms, presentations on market comparisons, and stimulating discussions on varying risk management philosophies. The magnetic pull of global capital and resultant asset price movements underscore that profit-driven capital flows where opportunities lie. [para. 3][para. 4]
Singapore's allure has caused asset prices to surge. Housing prices have escalated, and local commodities like durians have become luxury items, now costing nearly 1,000 RMB per person. Price inflation in Singapore reflects strong economic demand, compelling the government to announce diverse fiscal measures to sustain economic growth. [para. 5][para. 6]
Our journey continued to Dubai, marked by contrasting weather experiences from torrential rain to intense heat. Dubai’s sovereign funds exhibited a wary stance towards the Chinese market, opting to invest in distressed global assets instead. Despite running out of oil, Dubai thrives as a major global hub akin to an ancient Silk Road node, fostering talent through convenient immigration policies like the golden visa. [para. 7][para. 8][para. 9]
An encounter with a middle-aged Chinese entrepreneur indicated Dubai's favorable business environment. Unlike the difficult times in his homeland, he found abundant opportunities here. This ease of doing business is facilitated by the government’s outsourcing of tasks related to licenses and visas to private firms, making it easier for startups to flourish. [para. 10]
Amidst extensive construction activity symbolized by heavy cranes and fast-rising skyscrapers, Dubai appears on the verge of another real estate bubble. Despite these concerns, the city's growth showcases its compelling allure for investment. [para. 11][para. 12]
Reflecting on economic development, cities like Dubai and Singapore, despite scarce resources, have risen to prominence through strategic planning, financial liberalization, and talent attraction. While Dubai exemplifies high-investment growth, Singapore is transitioning to a phase marked by meticulous market cultivation. Both models debate the delicate balance between high-investment and high-consumption economic trajectories. [para. 13][para. 14]
The Dubai Mall, bustling with global visitors, contrasts with quieter post-pandemic shopping scenes in cities like Hong Kong and New York, encapsulating consumer confidence and economic vibrancy in Dubai. [para. 15]
Overall, this journey underscored the impact of market principles on urban success stories, portraying how even resource-scarce cities like Singapore and Dubai achieve dramatic economic growth through financial openness and strategic investments. Dubai, with its high national savings rate and relentless infrastructural expansion, echoes its pursuit of sustained economic development. [para. 16][para. 17]
The trip was a blend of surprises, contrasts, and profound reflections, inviting future visits and deeper exploration of these dynamic urban centers. [para. 18]
- Atlus Bar
- Atlus Bar in Singapore, popularized by Jay Chou, ranks among the world's top ten bars. Known for its extravagant offerings, it features a tall loft wine rack where whiskey was once retrieved by waitresses dressed as fairies. Due to high demand and safety concerns, this practice was discontinued. Drink prices at Atlus Bar have now surpassed those in New York.
- Hang Lung Properties
- Hang Lung Properties appears in the article as a company struggling with financial performance, specifically noting a reduction in revenue from its properties. The author reflects on the bustling consumer activity in Dubai's malls, contrasting it with the declining revenues seen in Hang Lung's properties in locations like Hong Kong and other mainland cities.
- April 2024：
- The author traveled to Dubai to participate in a closed-door summit with Ray Dalio, coinciding with a 'once-in-a-century' torrential rain.
- September 6, 2024：
- In the early morning, the author departed from Singapore and arrived in Dubai in the afternoon local time.
- September 8, 2024：
- The author was at Pudong Airport, which was particularly quiet on Sunday evening.
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