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Wenzhou people are crazy entrepreneurs. An article in the Economist several months back said that the top business leaders there could gather up $1B USD liquid within 48 hours of calling around, and that the business leaders there borrow from each other rather than through banks.
Another close friend of mine from Paris also told me that the Wenzhou people now dominate many import/export businesses in France.
Wenzhou is indeed filled with entrepreneurs... but I think it would be hit hard if a recession hits. And I think it's coming soon... because a person I know is a loan shark there... he's getting more and more emotional every time I meet him, this is a sharp contrast where he would just go to Macao and blows 2M+ RMB in a single night just for fun a few years back.
Wenzhou is indeed filled with entrepreneurs... but I think it would be hit hard if a recession hits. And I think it's coming soon... because a person I know is a loan shark there... he's getting more and more emotional every time I meet him, this is a sharp contrast where he would just go to Macao and blows 2M+ RMB in a single night just for fun a few years back.
2mil is not really a big number in the Macau casino story book
a "Rich 2nd generation" blew 150million HKD (20mil cdn) in Macau Grand Lisbao, news said he just got married. Then he ran to his father-in-law borrowed another 75mil HKD (10mil cdn), and all gone. His family runs a jewellery business in major cities and all stores were closed down. Pretty sad.
2mil is not really a big number in the Macau casino story book
a "Rich 2nd generation" blew 150million HKD (20mil cdn) in Macau Grand Lisbao, news said he just got married. Then he ran to his father-in-law borrowed another 75mil HKD (10mil cdn), and all gone. His family runs a jewellery business in major cities and all stores were closed down. Pretty sad.