bluescope steel builds on its footprint in asiansw, australia. production office: suite 2a, 18-20...

APRIL/MAY 2007

®BlueScope Steel

builds on its footprint

in Asia

CEO Kathryn Fagg

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24TH YEAR OF PUBLICATION

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ContentsCOVER REPORT8-10 WHEN THE MICE COME

OUT TO PLAY . . .SHELDON ADELSON, Chairman of LasVegas Sands, is one of the largest singleinvestors in China – he is pumpingUS$12 billion into casino and resortdevelopment in Macau and the adjacentChinese island of Hengqin (he has alsojust broken ground for a casino inSingapore). “Asia is a sure thing as far asI am concerned,” he told ATI. “(But) wedo things differently. We are convention-based destination resorts, we are notcasino operators.” The man who madehis initial fortune out of MICE (Meetings,Incentives, Conventions, Exhibitions)points out that 50 per cent of the world’spopulation lives within five hours flight ofMacau – he will need just two million vis-itors a year to fill his hotel rooms.

OPINION5-7 KOREA EMBRACING RISING WON – Korean exporters seem to be adapting to a

structurally high won; SUCCESS BRINGS CHALLENGE FOR VIETNAM – Agreeingto move to clear separation of party and military from direct running of businesses is justone aspect of a new mindset among Vietnam’s leadership.

THE REGION11-12 BLUESCOPE BUILDING IN ASIA – From a network of

29 manufacturing operations in the region, BlueScope Steelis building revenue streams from downstream value-addedsteel products in Asia’s high-growth markets. KathrynFagg, President of BlueScope Steel Asia, says that, by theturn of the decade, Asia’s contribution to total earnings willbe substantial.

15-17 DEFINING YEAR FOR VIETNAM – Entry to the WTOand a new political leadership have created an entirely newpolitical economy and established foundations for establish-ment of capital markets and future equitisation.

19 FOR SURAYUD, OPPORTUNITY MISSED – Given a chance to re-establish Thailand’sfinancial credentials, interim Prime Minister Surayud Chulanont has chosen to play it safe.

TRADE WATCH21-26 PATENT THEFT BECOMING NEW CURRENCY OF TRADE – how the World

Intellectual Property Organisation is fighting back (21); CHINA DROPS SUBSIDIES ONEXPORT LOANS – but the US wants other trade support mechanisms withdrawn (21);EU SOOTHES INDIA ON AGRICULTURE – last chance for WTO negotiators pre-2009(23); INDIA OFFERS INCENTIVES FOR FOOD PROCESSING – and is shopping forwine and coal in Australia (25).

All contents copyright © ASIA TODAY INTERNATIONAL 2007

ASIA TODAY INTERNATIONAL APRIL/MAY 2007 | 3

24th Year of PublicationPublished in Australia since 1983. Published by Asia Today International Pty Limited (ABN 34 109 69 874). Office address: Level 29 Chifley Tower, 2 Chifley Square, SydneyNSW, Australia. Production Office: Suite 2a, 18-20 Waterloo Street, Narrabeen NSW 2101,Australia. Telephone (612) 9970-6477. Fax (61 2) 9913-2003. Mailing address (all correspondence): Box N7, Grosvenor Place Post Office, Sydney NSW 1220, Australia. E-mail <[email protected]>. Website <www.asiatodayinternational.com>.

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INTERNATIONAL

Volume 25 | No.2 | April 2007

APRIL/MAY 2007

®BlueScope Steel

builds on its footprint

in Asia

CEO Kathryn Fagg

®

24TH YEAR OF PUBLICATION

Annual subscription including password access to ASIA TODAY ONLINE,Australia AUD220 (including GST), Asia/Europe/USA/Canada USD250.

Print Post Approved PP240725/00001

Sheldon Adelson – known to hisstaff as the King of MICE.

Kathryn Fagg – joint venture in India

with Tata Steel.

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CURRENCY ‘CRISIS’ BRINGS NOVEL BENEFITS


OOPPIINNIIOONN

SEOUL – As South Korea approachesthe 10th anniversary of the Asian EconomicCrisis, when the value of the won crashedfrom 880 to more than 2,000, it is currentlyfacing a new currency crisis. Ironically, thisnew “crisis” is a direct result of the won’sapproach to its former rate back in mid-1997.

The export sectors remain alarmed that fur-ther won appreciation beyond the psycholog-ical 900 won barrier could begin to cut deeplyinto export markets. The Korean press alsohas taken up the mantra, citing Korea’s bur-geoning trade deficit in the service sector.

The situation is deemed so serious thatSeoul has renewed measures to stem the riseby encouraging an outflow of Korean invest-ment into foreign markets. However, as usual,the picture is more complicated than is pre-sented in the Korean press.

A Tale of Two Sectors: Exporters &Importers – Predictably, the seemingly inex-orable rise of the won against the dollar hasbeen sending alarm bells through Korea’smajor exports enterprises and sectors sincelate 2006. Hyundai and KIA began the yearwith projections that the won would soar to880, a rate last seen in August 1997. At thatrate, foreign exchange losses would carvealmost 980 billion won out of a projected oper-ating profit of 1.5 trillion.

Of course, a firm cannot increase prices as(a) the won’s rise already is pressuring foreignsales prices and (b) the won has risen againstthe Japanese yen. As Korea and Japan are indirect competition in most export sectors,

KOREAEMBRACESTHERISINGWON

that fact alone will create a price floor belowwhich Korea cannot sink. The shipping/mar-itime transport industry, Korea’s third-biggestexport industry in 2005, suffered collapsingprofits in 2006 that were only a quarter of thelevel in 2005, despite having actuallyincreased revenue by 5-8 per cent.

However, the picture even on exports ismixed. Although exports began to decline inthe fourth quarter of 2006 (down one per centcompared to the fourth quarter of 2005),exports still advanced 13 per cent on the year.Some sectors, such as shipbuilding (expectedto reap at least US$30 billion for the Big 3 –Hyundai Heavy Industries, Samsung HeavyIndustries and Daewoo Shipbuilding – are stillpowering along. So, too, are overseas con-struction orders, the number of which rose 57per cent in the first two months of 2007 overthe same period of 2006.

For importers, however, it is a differentstory, as the strong won has driven downimport costs. One executive of a mid-sizedcorporation that produces for domestic con-sumption reported production cost savings of20 per cent. Industries such as petrochemi-cals and pharmaceuticals can expect to enjoyhealthier profit margins over coming months.

Private Sector – While exporters are cry-ing, the Korean public is flying. The won issoaring so high that Koreans now deem Japanto be cheap (the yen has fallen roughly 30 percent against the won since 2004). A recordtwo million Koreans visited Japan in 2006,spending was up 30 per cent over the yearbefore, and 2007 is on track for a repeat.

One frequent business traveller to Japanreported that it was cheaper to play golf inJapan than in Korea, and that the prices ofJapanese products ranging from online golfclubs to food in stores have declined 10-30 percent in won terms. Koreans are now travellingoverseas in record numbers. Cambodia, for

example, has just announced that Koreanscomprised the single largest number of visi-tors, and Korean visitors to the US spent 22per cent more in 2006 than the previous year.

Meanwhile, private investments are goingoverseas as well. Individual purchases of over-seas real estate by South Koreans jumped 57times in one year to reach US$514 million in2006. A recent survey of Korean investors instocks and bonds revealed that a sizeable 44per cent owned foreign assets, and that 77 percent of these had entered the market within

KOREAN export sectorsseem to be adapting to astructurally-high won forthe foreseeable future, andthe average Korean isincreasingly experiencing aworld of opportunities thathave become within theirfinancial reach, includingtravel and investment in for-eign real estate . . .

Ô CONTINUED PAGE 6

} One frequent businesstraveller reported that itwas cheaper to play golfin Japan than in Korea,and that prices ofJapanese products, rang-ing from online golf clubsto food in stores, haddeclined 10-30 per centin won terms ~

the last year. Such outflows should contributeto won stability, which is exactly theGovernment’s intention.

Government Measures – The RohAdministration has been seeking novel waysto hold the Korean won steady. Unable tolower interest rates because that might fuelan already-overheated housing market, theGovernment announced in mid-January that,from late March to 2010, capital gains fromoverseas investment funds will be tax-exempt (compared to the 14 per cent now).

In February, restrictions on foreign assetmanagement companies were also eased,along with restrictions on Koreans owningreal estate – to the delight, no doubt, of theflood of elderly Koreans seeking to retire inless expensive, sunnier climes. Finally,Koreans will not even have to report their for-eign real estate-destined accounts to theBank of Korea.

However, other measures, especially in theeducational sector, belie the confused stateof public policy decision-making. Althoughlarge outflows in educational expenditureactually serve to dampen the won’s rise, theGovernment is finalising plans to enableoverseas educational institutions to directly

Peter Sylvestre*ANALYSIS

From the pages of ASIA TODAY INTERNATIONAL

APRIL 1987 – Philippines set to sign newInvestment Code into law; Australian importers lookto cheaper China products to offset weak dollar;Indonesia creates ‘inquiry desk’ to tackle communi-cations problems between Indonesian exporters andpotential overseas importers; Joint ventures seen asbest path for importers seeking access to Koreanmarkets.

APRIL 1992 – China’s Communist Party calls formore economic reforms; Indonesia tipped toincrease coal exports to 20 million tonnes by 1995;Seoul backs off plans to promote two-way trade withNorth Korea; Industrial towns mooted as India rel-axes investment curbs.

APRIL 1997 – Singapore widens offshore involve-ment in ports infrastructure; Building boom leadsPhilippines’ economic recovery; Hong Kong growthled by services exports; Steel, machinery to leadChina imports surge; India to slash tariffs on capitalgoods, coal, metals; Taiwan relocating more plantsoffshore; Thailand, Australia in trade talks on food,car components.

APRIL 2002 – Asia jumps on transfer pricing toshore up tax base; Asian investors revisit Indonesia;China adopts softer stance on Taiwan; Hong Kongpositions as dispute resolution centre for foreignfirms operating in China; Infrastructure develop-ment in Asia best left to private sector, says WorldBank.

APRIL 2006 – Desktop audits of loss-making for-eign ventures under way in China; Investors hailJapan’s ‘renaissance’; Vietnam to set targets andstrategies for infrastructure development; ASEANtakes first steps towards fashioning a strongerregional organisation; Global ambitions for Chinawhitegoods manufacturer Haier.

OOPPIINNIIOONN

6 | ASIA TODAY INTERNATIONAL APRIL/MAY 2007

HANOI – Over the last 12 months,Vietnam has become something of the dar-ling of international investors and business –as 1,500 delegates from more than 30 coun-tries at the EuroMoney Vietnam InvestmentConference in late March attested.

But success can create its own problemsand challenges.

Foreign direct investment, which hit arecord US$10 billion in commitments in 2006,may reach US$15-17 billion this year. On topof this, there is new infatuation among for-eign fund managers with Vietnam as a desti-nation for equity and bond investment, giventhe prospect of sustained GDP growth ofseven to eight per cent a year.

All this would seem to be something thatshould hardly cause complaint, especially ina world where competition for capital can befierce – something of which Vietnam is wellaware, given the presence of the Chinesejuggernaut next door.

But effectively using this capital willrequire careful management and planning bythe Government.

From a macro-economic perspective, rapidinflux of capital, in the context of the current-ly fixed exchange rate, presents the risk ofinflation from excessive growth of moneysupply, as the International Monetary Fund(IMF) warns. Weaknesses in the banking sec-tor, still in transition towards more modernstructures and practices, may also be pro-moted, because greater liquidity meanslower interest rates, easier bank credit and,thus, the danger then of a rise in non-per-forming loans in bank portfolios.

The local stock market, now overheatingdue to domestic speculation as well as asharp increase in foreign funds, could also fallinto shock with an over-correction in prices.While it is still only a very small market, thiswould not harm the real economy – but itcould result in loss of confidence, slowingcapital market development.

And to the extent that it damaged thepresently optimistic picture of Vietnam heldby foreign companies and financiers, theadverse impact would be greater. TheGovernment has backed away from thetemptation of putting in place capital con-trols to ease the flow of foreign capital – butis strengthening regulatory and monitoringprocedures.

Keeping pace with new foreign directinvestment requires urgent development ofinfrastructure. Without rapid advances inlogistics, of roads and ports especially – andpower – business and economic growth willbe stymied. The danger signs are clear. Forexample, Electricity Vietnam is now puttingin place measures for what amounts to arationing of power. Lag in power supplydevelopment, combined with over-relianceon hydro power – vulnerable to the presentdrought conditions – means that keeping upwith demand in the coming summer monthswill be tough. Blackouts are likely.

Building of world-class container terminalsis equally pressing – trade volumes are set toincrease, with Vietnam’s entry into the WorldTrade Organisation opening up more oppor-tunities for importers and exporters. In thesouthern Ho Chi Minh area, the centre of thecountry’s commercial and industrial growth,

Ô CONTINUED PAGE 7

} Lag in power supplydevelopment, combinedwith over-reliance onhydro power, means thatkeeping up with demandin the coming summermonths will be tough.Blackouts are likely ~

AGREEING to move to aclear separation of partyand military from the directrunning of businesses isjust one aspect of a newmindset among Vietnam’sleadership . . .

VIETNAM:THECHALLENGEOFSUCCESS

Volume 25, No. 2, April 2007

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open campuses in Korea, as well as establish“English Towns”.

Although such measures may keep educa-tional won from turning into export dollars,the Administration’s egalitarian educationalgoals of reducing the qualifications gap (andthus job opportunities) between those able tostudy abroad and those who cannot, overridethe goal of won/dollar stabilisation, at leastwhere education is concerned.

Thus, all is not (or at least should not be)doom and gloom. Korean export sectors seemto be adapting to a structurally high (againstthe internationally weak dollar at least) wonfor the foreseeable future, and the averageKorean is increasingly experiencing a world ofopportunities that have become within theirfinancial reach.

* Peter Sylvestre is Seoul correspondentfor ATI Magazine

Ô FROM PAGE 5

ISSN 1445-4300

Andrew Symon*ANALYSIS

building development marring the wonderfulFrench colonial architecture in Ho Chi MinhCity and Hanoi, is emerging as another threatto urban life – with increasing domestic andforeign investment entering the sector.

Widening income gaps may also become asource of tension. There is a divide betweencities and rural areas as well as within cities.Pointing to the desire of lower income groupsto get more share of the new wealth inVietnam is the present wave of strikes forhigher wages in manufacturing plants in thesouth of the country.

The Vietnamese have shown, in theirrecent history how resilient they are to chal-

lenge, and how tenacious they can be in over-coming it. But the new tasks perhaps requiresome additional traits. While appropriatedecisions, policies and laws have often beentaken and enacted, implementation can beslow. Co-ordination between Ministries can

INFRASTRUCTURE CHALLENGE FOR VIETNAM


port facilities on the Saigon River are barelyable to cope.

Container traffic has been growing at anannual rate of nearly 20 per cent over the pastdecade, with Ho Chi Minh City handling 70per cent of the country's throughput. Oneproject that promises to ease the pressure isat Vung Tau, near Ho Chi Minh City, whereSingapore’s PSA, one of the world’s largestport operators, will build and operate aUS$300 million facility in partnership with theState-owned Saigon Port.

There are also human resources constraintsto optimal absorption of new capital, as theVietnam Chamber of Commerce and Industry(VCCI) notes. While Vietnam’s workforce ishighly literate and productive compared withother countries at similar levels of economicdevelopment and per capita income (Viet-nam’s per capita income is US$650 for a pop-ulation of 84 million), the VCCI says that train-ing and diffusion of new technologies are stillcritical. Growing affluence in the cities is alsopresenting infrastructure and urban planningchallenges as more motor bikes, scooters andcars enter the streets. Just a few years ago,Hanoi and Ho Chi Minh City were largelybicycle cities. Now, they suffer increasingtraffic congestion and exhaust pollution. Thecities themselves are growing rapidly as morepeople migrate there in search of jobs.

Careful suburban expansion and satellitetown developments go hand-in-hand withnew public transport systems. Property spec-ulation and, with it, poor and inappropriate

Ô FROM PAGE 6

} What does augur well isthat the reins of leadershipin Party and Governmenthave passed to a newgeneration. Much publi-cised are efforts to stampout corruption ~

be difficult. Bureaucrats are often scared toact decisively for fear of making mistakes.

The Vietnamese are renowned for theirpatience. But what will also be needed now ismore rapid decision-making – and then thedriving through of measures. What doesaugur well for the future is the fact that thereins of leadership in Party and Governmenthave passed to a new generation followinglast year’s National Party Congress in April.Already, they seem to be making their mark.

Much publicised are efforts to stamp outcorruption.

Another, but not well-reported indicator ofchange in thinking, is the recent decision ofthe ruling Communist Party to divest itself ofthe host of businesses it now directly runs.The decision also covers the military’s non-defence related business ventures. Drivingthe decision is Vietnam’s accession to theWorld Trade Organisation. Separation of busi-ness interests is one of the requirements ofmembership. Nevertheless, the new policy, asdetermined by the party’s Central Committeein January, represents a major break with thepast. Agreeing to move to a clear separationof party and military from the direct runningof businesses is just one aspect of a newmindset among Vietnam’s leadership.

* Andrew Symon is a Singapore-basedcorrespondent for ATI Magazine

n Vietnam set to develop strongcapital markets, page 15

BETTING ON A SURE THING

lion. Forbes commented that Sheldon has madeUS$1 million an hour since 2004, when theForbes 400 was first published. His wealth in2003 was "only $1.4 billion".

Asia was not always part of Adelson's grandplan for Las Vegas Sands. He was content toexpand within the United States.

Then, in 2001, he heard that Macau, now a

Special Administrative Region (SAR) of China,would deregulate gambling. "The Governmenthad decided to end the monopoly with StanleyHo and to establish tenders to select new oper-ators. Macau came into our radar very quickly,"Adelson told ATI.

Not one to do things in half measure, Adelsondeveloped a hugely ambitious plan for Macau.In his words, he wants it to become the LasVegas of the East.

"We will be pumping US$12 billion intoMacau," he told ATI in an exclusive interview inSingapore. Adelson has already invested closeto US$3 billion into two projects – the firstSands Casino in Macau, which opened in 2004,and the flagship 7000-room resort/casino Vene-tian, which is due to begin trading this year.

Now on the drawing board is development ofthe Cotai Strip – on reclaimed land linking twoof Macau's largest islands, Taipa and Coloane.The Cotai Strip has been designed to replicatethe famous Las Vegas Strip.

Sheldon plans to develop 20,000 rooms to beoperated by leading hoteliers – includingShangri-La, Sheraton and Four Seasons.Adelson told ATI he visits Macau every sixweeks (he travels with his wife, Dr MariamAdelson, and their two young sons, accompa-nied by bodyguards).

Adelson is one of the single largest foreigninvestors in China. He has no guarantee Beijingwill not change its policy on gambling else-where on the Mainland, but China is “not an

SINGAPORE – Over the next fewyears, as a number of resort projects are com-pleted, Asia will contribute three-quarters of theearnings of the world's largest casino group,Las Vegas Sands Corporation.

The Nevada-based resort/leisure group haseither invested in or is in the throes of pumpingas much as US$18 billion into Asia – which iron-ically was not even on it’s radar until 2001.

A 73-year-old quintessential American entre-preneur, Sheldon Adelson, Chairman of LasVegas Sands, is shepherding expansion intotwo key markets – China and Singapore.

Already, an early harvest has been reflectedin the rise of his personal wealth. Adelsonjumped from 15th position to become the third-richest last year on Forbes' 400 RichestAmericans list, with a net worth of US$20.5 bil-

ASIA’S LEISURE AND GAMING BOOM CCOOVVEERR RREEPPOORRTT


AMERICAN entrepreneur Sheldon Adelson, Chairman of LasVegas Sands, is one of the single largest investors in China. He ispumping US$12 billion into casino and resort development inMacau and the adjacent Hengqin Island, describing the Chinesemarket as “not an exposure – it is an opportunity”. Adelson, whomade his fortune out of the convention and exhibition market, hasalso broken ground for a casino in Singapore. “Asia is a sure thingas far as I am concerned,” he told ATI . . .

} 50 per cent of theentire population ofthe universe liveswithin five hours’flight of Macau ~

Ô CONTINUED PAGE 10

Managing in Asia

. . . When the MICE come out to play

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BETTING ON A SURE THING

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exposure", he says. "It is an opportunity."Indeed, having established his credentials inMacau, he believes that if the Chinese were toplan other "Macaus", it would look to someonewho has done it before.

His President and Chief Operating Officer,William Weidner, says: "It is difficult in our life-time to see China relaxing its gaming policy."But, he adds, even if there was a change in, say10 years, it would not worry Macau or LasVegas Sands' investments.

"We would have plenty of headroom to createinsulation by having a critical mass destinationthat can't easily be duplicated," says Weidner.

"Look at Las Vegas. Between 1931 and 1978it was the only place in the US with legalisedtables. In 1978, gambling was approved in NewJersey, and then, in 1979 in Illinois. Today, morethan 28 States have some form of casino gam-ing." Weidner says takings in Las Vegasincrease year-on-year and are now at their high-est in history. Gaming turnover in Las Vegasreached US$6.43 billion in 2006. "What has hap-pened is critical mass, which has been built onover the years," he says. “No other US State hasan equivalent of Las Vegas.”

Weidner says any new city which aspires tobe a Las Vegas or Macau will take 10 to 20 yearsto gain critical mass. If, for example, Chinadecides to have another Macau in 10 yearstime, the Cotai Strip will have been up and run-ning for seven years and will have establisheditself as a convention destination in Asia. "It isnot a question of having blind faith in theChinese government," he told ATI.

With total revenue of almost US$7 billion in2006, Macau has overtaken Las Vegas in casinotakings. Macau’s SAR Government is sharing inthe riches. It imposes a 39 per cent tax on table

takings, compared with just seven per cent inLas Vegas and a range of 10-20 per cent inSingapore.

Of course, Las Vegas Sands is just one ofmany investors pouring money into Macau.Adelson's arch-nemesis, Steve Wynn, owner ofWynn Resorts; Macau's original casino owner,Stanley Ho's Sociedade de Jogos de Macau;MGM Mirage; and newcomers, includingGalaxy Casino from Hong Kong and Melco-PBL(a joint venture between Australia's JamesPacker and Lawrence Ho, son of Stanley Ho),are all hoping for a share of the spoils.

Competition will become very hot – so hot,indeed, that Standard & Poor's has questionedwhether Cotai is a sure bet. Last year, it placedLas Vegas Sands and Galaxy on Credit Watch,

with negative implications. S&P forecasts anadditional 4,500-5,000 gaming tables in Macauby 2010. Up to 25 hotel developments with morethan 60,000 rooms are planned for the CotaiStrip. Adelson agrees: "We haven't seen any-thing yet. We will have 8,000 tables ourselves,"he says.

But if there are concerns about the future ofMacau, the international credit market is notshowing it yet.

Las Vegas Sands will raise US$12 billion thisyear, and will get a good spread on its borrow-ings. In Singapore, for example, where it willraise debt for its US$3.6 billion Marina BaySands integrated resort, now under way, it hasalready had approaches from lenders. Weidnerexpects to sign up the loans at a spread of 0.75per cent lower than available in Las Vegas.

So far, Macau has been a goldmine. The firstSands casino in Macau recouped its capitalinvestment of US$265 million within a year.Adelson says the Venetian is costing muchmore (US$2.5 billion), and it will take longer torecoup the investment. Conservatively, says

Adelson, it may take "threeto four years".

Adelson is a tough com-petitor. He plans at "lock in"guests at his hotels within amini-city of convention cen-tres, spas, restaurants,upmarket shops, casinosand a myriad of entertain-ment facilities.

"We will connect our 12hotels with 20,000 roomswith all-weather walkways.Why should somebodycome off our complex to gooutside to some one else's2,000 rooms? Our competi-tors want to connect to usbut we won’t let them," he

says – with a satisfied smile."We do things differently from other opera-

tors. We are convention-based destinationresorts. You could call us fully-integratedresorts. We are not casino operators."

Adelson points out that, in Las Vegas, earn-ings from casinos represent just 30 per cent ofhis total earnings, with the balance comingfrom conventions and other services, althoughhe expects the ratio may be reversed in Macau.In Singapore, he expects the split to be 60-40.

Contrary to the prevailing wisdom that casi-nos offer discounted rooms to lure gamblers,Adelson says: "I have changed the dogma. Icharge market rates."

Conventions on the whole are not money-makers. If anyone should know about this, it is

Adelson, to his staff "His Excellency, the King ofMICE” (meetings, incentives, conventions exhi-bitions). Adelson’s wealth was built on hisMICE business before he entered gaming.

His best-known deal was the sale of Comdex,regarded as the computer industry's premiertrade show, to Japan's Softbank, for US$862 million.

"All that convention business serves to do isto put demand on hotel rooms, banquets, andfood and beverages. But there is an excellentsynergy with gaming. Conventions fill rooms,which in turn bring the traffic to gamingtables,” says Adelson. "Our business model is30 per cent tourist, 50 per cent conventions, 20per casino."

His catchment area is China’s Guangzhouprovince, with some 92 million people – and the

Chinese are known for their penchant for gam-bling. William Weidner says the official Chineselottery, known as Welfare Lotteries, is worthUS$10 billion a year alone, and undergroundgambling is probably "two or three times that".

"There are so many people coming out ofChina," says Adelson, calculating that all heneeds is just two million visitors a year to fill hishotel rooms. If they come more often, he willneed a pool of ever fewer people. "Of course Iam also going after the Japanese, Koreans,Thais and Taiwanese," he says.

"Do you know how many people live withinfive hours flightof Macau?" heasks. “It is 50 percent of theentire popula-tion of the uni-verse."

While LasVegas Sandswill not actuallybe involved withinfrastructuredevelopment inMacau, it hasestablished busand ferry servic-es to make itsproperties morea c c e s s i b l e .Adelson saysthe Group saves on development costs withinternal procurement, and acts as its own gen-eral contractor.

“We buy direct from suppliers and make con-

Ô FROM PAGE 8

} Macau so far as been agoldmine. The first Sandscasino recouped its capitalinvestment of US$265 mil-lion within a year. TheVenetian, costing US$2.5 bil-lion, may take three or fouryears to recoup its capital ~

Managing in Asia


Artist’s impression of the Marina Bay Sands hotel andcasino complex now under construction in Singapore.

Impression of Grand Canal shops at TheVenetian complex, Macau.

Sheldon Adelson,referred to by staff asthe King of MICE

Macau and Singapore will be the corner-stones of Las Vegas Sands in Asia.

Adelson talks about establishing a "feedernetwork" to deliver visitors to his properties inMacau and Singapore. Already, Las VegasSands has signed up 56 wholesale tour groupsfor the task, and is talking to upscale retailers,some of whom have not previously contemplat-ed setting up stores in Asia.

He has also sent a development team on

exploratory visits to India, even though gamingthere is restricted. Gaming is legal in India onlyin the resort city of Goa – but, even there, thesmall establishments are not in the ilk of hiscasinos. Weidner adds that India has indicatedno interest in large-scale casinos. "We will beinterested in marketing ourselves to Indians.Singapore naturally addresses itself to theIndian market – about 18 per cent ofSingaporeans are of Indian descent, andSingapore is a favourite place for Indiantourists," he says.

The breakneck pace of development in Asiafor Las Vegas Sands contrasts sharply withsnail's pace growth in the home market and inEurope. Las Vegas Sands began negotiating to

develop a casino in Pennsylvania before it evenlooked at Macau. The US$600-millionBethlehem, with a 300-room hotel and a casinowith 3,000 slot machines, is finally gettingunder way this year. Europe is on the cards, butthere are no immediate prospects.

Adelson, the son of a cab driver, began his"business career” selling newspapers. He toldATI he had been involved in 40-50 businessesbefore the "big one" (Comdex), which catapult-ed him into the big league of US business.

He reportedly struggled with his first ventureinto gamimg, the old Sands Casino, in the initialyears, but then bulldozed the casino andreplaced it with the flashy Venetian. He is nowbuilding The Palazzo.

Adelson floated Las Vegas Sands on the NewYork Stock Exchange in 2004 – and its stockprice soared 61 per cent on debut. At the timeof writing it was trading at US$100.07 a share.Adelson’s own net worth has grown 750 percent since 2004.

The company is capitalised at US$36 billion,making it much larger that its next largest rival,MGM Mirage, at US$15 billion and WynnsResort at US$11 billion.

Adelson still owns 70 per cent of the compa-ny, even though he sold down more shares toraise US$2.7 billion last year. In 2006, his Groupgenerated revenue of USD$2.8 billion and cash-flow of USD$860 million.

The septuagenarian has now taken hisbiggest gamble – on Asia. And it is a decisionthat obviously intrigues many.

"I am not losing any sleep” says Adelson.“People ask me what worries me most. When Isay nothing, they look at me as if I have justcome off Mars. “Asia is a sure thing asfar as I am concerned."

siderable savings," he says, pointing out that,on its Venetian project in Macau, these savingstotalled around US$100 million.

Macau has led Adelson to Zhuhai on theChinese Mainland, where he is doing prepara-tory work for a large integrated resort of some1,300 acres on Hengqin Island.

"We were looking for land to add to currentamenities – such as golf courses and marinas –in the Cotai Strip,” Adelson told ATI.” There isno more land on the Cotai Strip, and HengqinIsland is the closest."

Las Vegas Sands is yet to get formal approvalto proceed on a project, which will be stagedover a decade, and is estimated to carry an end-cost of US$10-US$12 billion. Adelson expectsHengqin to be a self-financing, development.He will invest US$350-US$400 million to devel-op the infrastructure.

Ironically, it was the search for land thatbrought Adelson into the gaming business in1989, when he bought the former Sands Casinoon the Las Vegas Strip. He wanted to buy landnear hotels for a convention centre, and endedwith the US$128 million purchase that laid thefoundations of his gaming business.

In May 2006, after a hard-fought battle, LasVegas Sands won approval from the SingaporeGovernment for the first licence to run a casinowithin an integrated resort in the City State.Weidner quips that his company presentedsome 30 pounds in weight of documentation –and had no doubt that the Singapore vettingteam would read every word of it.

The promise is that Marina Bay Sands willplay an important role in lifting tourist arrivals toSingapore and give Singapore another dimen-sion, or cache, when it comes to being seen asintegrated resort. The project, designed byinternationally-renowned Moshe Safdie, will bemassive in the range of facilities offered.

BLUESCOPE’S REGIONAL STRATEGY


CCOOVVEERR RREEPPOORRTT

BlueScope builds onits footprint in Asia

} Adelson expectsHengqin to be self-fin-ancing. He will investUS$350-$400 million ininfrastructure. End-cost of the development aftera decade could be US$8-10 billion ~

SINGAPORE – Over the past fiveyears, BlueScope Steel has invested more thanAUD1 billion in Asia to further entrench theAustralian steel products manufacturer inregional key markets. BlueScope Steel is one ofthe earliest major investors in Asia. It made itsinitial foray into Singapore some 40 years ago,but this second wave of investment will deep-en its penetration, especially in the fast-emerg-ing markets of China and India.

BlueScope is already the leader in its chosenproduct lines in key markets like China, whereit manages wholly-owned subsidiaries, andIndia, where it has a joint venture with one ofIndia's best-known companies, the Tata Group.

"We are pleased with the footprint of activi-ties we have in Asia, and are very excitedabout growth opportunities in these markets,"says Kathryn Fagg, President of BlueScopeSteel Asia.

FROM NEW REGIONAL headquarters in Singapore, BlueScope Steel AsiaPresident Kathryn Fagg is growing new markets in China and India while atthe same time consolidating the Group’s interests across Asia. From a net-work of 29 manufacturing operations in the region, BlueScope Steel is grow-ing the proportion of its revenue and earnings generated from downstreamvalue-added steel products in Asia’s high-growth markets. Fagg expects thecompany’s Asian operations’ contribution to Group turnover, already at 10per cent, to be much more substantial by the turn of this decade . . .

Ô FROM PAGE 10


BlueScope’s Kathryn Fagg – Asia’s contribution will be substantial

Managing in Asia

"We believe that, between our footprint andour market position, we are well-positioned inAsia for the coming decade. But we have a lotof work to do in building markets for our newfacilities, particularly in China and Vietnam.”

Fagg, a qualified chemical engineer, headsup BlueScope’s new regional headquarters inSingapore. Relocating from Sydney toSingapore is, she says, a decision which sup-ports BlueScope Steel’s strategy of growing theproportion of its revenue and earnings gener-ated from downstream value-added steel prod-ucts in the high-growth markets of Asia.

The move to Singapore is almost a homecom-ing for BlueScope Steel, which opened its firstrollforming operations, BlueScope LyaghtSingapore, at Benoi Sector in Jurong in 1965 –the year of Singapore’s independence.

Fagg says Bluescope Steel products havebeen used in some of the region's best-knownbuildings, including the twin Petronas Towersin Kuala Lumpur, Beijing Olympics facilities inTianjin, at Beijing Airport and for the Jin MaoTower in Shanghai. "Our businesses in Asia arenow contributing more than 10 per cent ofGroup turnover,” she told ATI. “By the turn ofthe decade the contribution from our Asianoperations will be substantial."

BlueScope Steel’s half-year results toDecember 2006, announced in March, showthat turnover in Asia rose 36 per cent toAUD409 million from AUD300 million for thesame period of 2005.

For the December 2006 half, BlueScope Steelstart-up businesses in Vietnam, China and

India lifted their contribution to turnoverfrom a total of AUD186 million to AUD268million. Total Group turnover was AUD4.5billion, returning a nett profit after tax ofAUD388 million – up 24 per cent from theprevious corresponding half.

Markets in Asia are generally doingwell, Fagg says, with Thailand the onlyexception because of the political situa-tion there. "We would like to see Thailandrecover – other than that we are seeinggrowing demand in our markets."BlueScope Steel’s longest-establishedmarkets are Thailand, Malaysia andIndonesia. "In each of these, we coat andpaint steel and roll-form it. Our premiumsteel products are sold into the construc-tion sector,” says Fagg.

In China, since taking over the US-based Butler Manufacturing – whichalready had established operations inChina – three years ago, Bluescope Steelhas been producing pre-engineered steelbuildings. “In China, we are building ourbusiness,” says Fagg. "We completed anew manufacturing facility at Suzhou lastOctober to produce coated and paintedsteel. We are now ramping up this busi-ness as we develop both production capacityand the market to take up that production."

Bluescope Steel has long marketed itsLysaght range of building products intoVietnam, and commissioned its new coatedsteel manufacturing facility south of Ho ChiMinh City a year ago. "We see potential inVietnam because of the level of investmentgoing into that country," says Fagg.

In India, BlueScope has just completed threemanufacturing facilities located at Chennai,Pune, and outside New Delhi, to produce bothButler and Lysaght products. It has a 50-50 jointventure with Tata Steel, known as TataBluescope Steel. A new coating and paintingfacility is under construction at Janshedpur,which is the location of Tata Steel's major steel-making works. This facility is due to come on-steam in 2009.

Fagg says that having Tata Steel as a partneris "hugely advantageous", because of Tata’s

reputat ionand integrityin the Indianmarket.

"We havea plant andtwo metal-coating linesin Thailand,”she says.“But wehave seen aslowdown indemand inT h a i l a n d .There was aslowdown inthe marketprior to thecoup, andwe continueto see soft-ness there.”But Blue-Scope Steel

is continuing its market development activitiesin Thailand. "We have increased our exportsfrom Thailand, and we are managing the busi-ness tightly there to ensure we maintainreturns, despite the slowdown.”

Fagg says BlueScope is now consolidating itsinvestments in Asia. "We started constructionon a second major coating and painting line inIndonesia early last year, but decided to deferthe project because we had so many othersunder way. We are due to revisit the decision onIndonesia this year." Fagg says BlueScopeSteel’s Indonesian business has been perform-ing very well. "In fact, it has been a real gem forus – and that reflects our very good relationshipwith our supplier,” she says. “Our productionline in Indonesia is fully committed.” BlueScopeSteel is exporting products from its plants inVietnam and Malaysia to supplement demandin Indonesia.

Last year, Bluescope Steel closed its Lysaghtbusiness in Taiwan – one that had existed formany years. "We had taken significant lossesand, after evaluating the business, we believedit was not worth continuing,” says Fagg. “Wenow export products into Taiwan – we still havea trading office there."

The cost of iron ore, BlueScope’s key rawmaterial, along with other commodities, hasbeen rising steeply in recent times. "The impor-tant thing for us is that demand has beenstrong,” says Fagg.

“The issue for our industry is volatility,because people don't know if they should buyor hold off, and they are wondering at what(price) they should buy. Consequently, a num-ber of our competitors have had a tough periodover the last couple of years.

"We had a difficult 2006. As things becomeless volatile, it will be helpful for our coating andpainting businesses. The steel industry is con-solidating, which will eventually impact on pro-duction, bur I think that this will also lead togreater stability. This will be helpful forthe whole industry."


} In India, BlueScopeSteel has just completedthree manufacturing facil-ities at Chennai, Puneand outside New Delhi. It has a 50-50 joint venturewith Tata Steel ~

Ô FROM PAGE 11

BUILDING BUSINESS IN CHINA, INDIA CCOOVVEERR RREEPPOORRTT

BlueScope Steel project at Rangsit University in Thailand – the 11-storey building has a curved wall of more than 300 windows and housesa 700-seat auditorium. The design demonstrates energy conservationand acoustic principles to the University's 450 architecture students.

BlueScope Steel’s new Lysaght factory and coat-ing line warehouse at Cibitung, Indonesia. The

PEB (pre-engineered building) project was com-pleted within six months of ground-breaking.

Managing in Asia

The KoreanCapital Markets Congress 2007May 14-15 2007 • Grand Hyatt Seoul • Korea

Keynote Addresses by:Kwon Okyu, Deputy Prime Minister and Finance Minister, Republic of Korea*

Hong Serck-Joo, President and Chief Executive Office, Korea Investment Corporation

The Euromoney Korean Capital Markets Congress 2007 will take place on May 14-15 2007 at The Grand Hyatt, Seoul.

Korea has reached a critical moment in its economic growth: exports and domestic consumption is decelerating, foreign investment is being diverted to neighbouring China and a resurgent Japan; and the home grown Chaebols are accused of breeding inefficiencies and stunting business development. At this very moment, heavy weight market experts’ opinions on the forthcoming Capital Market Consolidation Act and recommendations on investment practices make The Euromoney Korean Capital Markets Congress 2007 a must-attend conference of this year.

This conference will engage over 400 decision makers in the Korean markets, both domestic and foreign, from central bank and government officials to institutional investors and issuers, all of whom will outline their strategy to navigate the markets over the next 12 months.

All delegates are invited to take part in a complimentary luncheon on both days of the conference, a cocktail reception and attend all keynote speeches, interactive panel discussions and specialised workshops. It offers you the opportunity of gaining first-hand market insights and networking with the most prestigious investors and corporate leaders.

Some of the topics the conference will address include: • Korea and the world• Developing World Class Capital Markets• Banking Panel: Korean banks and their overseas ambitions• Are Derivatives and Alternative Investments Redefining Korea’s Capital Markets?• Corporate Governance: How far have the measures taken by the government delivered?

Admission to the conference is free of charge and by invitation only. For further information on the conference you may visit www.euromoneyconferences.com/korea07 or contact Alexander Pang on Tel: +852 2842 6991 Fax: +852 2842 7067 E-mail: [email protected].

Media Partners

Lead Sponsors: Co-Lead Sponsor:

Exhibitor:

*Subject to final confirmation

asialaw www.euroweek.com


HANOI – A detailed report by Dr AlexJoiner, Economist, International, withAustralia’s ANZ Bank, points to Vietnam as asolid BB-rated credit that continues to registervery strong growth.

“Debt ratios are comparable to both regionaland ratings counterparts,” the report says.“Relative to China, with which it is often com-pared, Vietnam has a higher debt and higherinflation profile.

“At 45% of GDP, public sector debt levels aremanageable but rising gradually. An expansion-ary fiscal policy and contingent liabilities relat-ed to guarantees for State-owned enterprisesand provincial debt are the risks to debt sus-tainability.” The report adds: “The exchangerate has been very stable, but the need to mod-ernise the central bank and monetarypolicy could bring shifts in the future.”

[email protected]

Andrew SymonATI Correspondent

HANOI – Vietnam’s rapidly-rising fortunesare propelling pioneering local investmenthouse, Dragon Capital, to new heights. Set upby two young British expatriates, JohnShrimpton and Dominic Scriven, in 1994,Dragon Capital has become the largest fundmanager dedicated to Vietnam – with someUS$2 billion in assets under management.

Dragon has successful positioned itself inVietnam’s embryonic but fast-growing stockmarket, as well as other investment segments.Internationally, it has established a profile forinstitutional investors interested in Vietnamthrough, among other things, its Dublin-listedVietnam Enterprise Investment Fund.

The Ho Chi Minh City-based Dragon is thelongest-established fund management compa-ny in Vietnam and pioneered investment intothe first Vietnamese companies given permis-sion by the Government to accept foreign port-folio investment.

Key to Dragon’s success has been the partic-ipation of development agency institutionalinvestors, including the World Bank’sInternational Finance Corporation, the FrenchGovernment development finance group,Proparco, and the Dutch Government’s FMO.

Speaking at the EuroMoney VietnamInvestment conference in Hanoi in March,Dragon Capital Director, John Shrimpton, saidforeign investors could “take comfort” fromVietnam’s political stability, and the transitionto a new generation of leaders well able to man-age Vietnam’s integration with the internation-al economy and capital markets.

He describes 2006 as a defining year for mod-ern Vietnam. First there was the ascension of anew Government after the National PartyCongress in April – involving a distinct genera-tional change.

“This was the culminating chapter in whathas been a 10-year period of seamless evolutionof Vietnam’s polity, from the older generationsthat led the country through the early years ofthe Doi Moi process to its current leadership.Especially, when we consider the context ofpolitical change elsewhere in the region overthe last decade, it is difficult to over-stateVietnam’s achievement in having providedsuch a high degree of stability,” Shrimpton said.

Last year was marked, too, by the conclusionof World Trade Organisation negotiations – after11 years – leading to accession to the WTO inJanuary this year. Shrimpton said this was notsimply important in terms of opportunities forexporters and importers and the facilitation of

more foreign direct investment into the country.“The bigger point for us comes from the

process of Vietnam’s entry,” he said. “Clearly,the WTO itself had drawn lessons from else-where and required that Vietnam pass an enor-mous body of WTO-compliant legislation up-front. This resulted in the enactment by thecountry’s National Assembly of the entirely newInvestment Law, its new Companies Law, aswell as anti-monopolies and anti-corruption leg-islation, among others. For us, then, this all addsup to creation of nothing less than an entirelynew political economy.”

As far as capital market development is con-cerned, a major advance in 2006 was passage ofVietnam’s first securities law. While the stockmarket had operated for some six years prior to

that, with more than five years’ preparationbeforehand, this was the first time that Vietnamhad had the highest legal basis for further devel-opment of its capital markets.

“So if you start to put all these factors togeth-er – accession of a new government, advent ofa new political economy through WTO, and thestrongest foundation yet for capital markets andfuture equitisation – they add up to a singularlypowerful confluence of very long-term forces,”Shrimpton said. “For us, this convergencemeans that we have now entered a period ofeven more dynamic economic growth, whichwill drive development in the country in themedium to long term.”

Pointing to both Vietnam’s prospects andDragon Capital’s own ambitions and maturity is

THE REGION ‘‘AA DDEEFFIINNIINNGG YYEEAARR FFOORR MMOODDEERRNN VVIIEETTNNAAMM

Vietnam set to developstrong capital markets

ENTRY to the WTO and a new political leadership have created anentirely new political economy and established the foundations forestablishment of capital markets and future equitisation . . .

} This convergence means we have nowentered a period of evenmore dynamic growth,which will drive development in the medium- and long-term ~

VIETNAM’S ECONOMY IN TRANSITION


bluescope steel builds on its footprint in asiansw, australia. production office: suite 2a, 18-20...

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