New World's Road To China

Cheng Yu-tung plays by a different set of rules in China. The Hong Kong property magnate didn't bother to wait for approval from Beijing, for example, before starting construction on a $420 million addition to a power plant in Guangdong province two years ago. Since an offshoot of the provincial government was a partner in the deal, Cheng was confident Beijing would come around sooner or later. Sure enough, in September, he finally got the official O.K.

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