Asia: How Real Is The Recovery?

Like many Asian industrialists during the boom years, Kim Woo Choong's business strategy could be summarized in two words: borrow and build. For three decades, his sprawling Daewoo Group piled up debt as it evolved from a tiny trading company into a powerhouse in autos, shipbuilding, consumer electronics, construction equipment, and hundreds of other businesses. Even after South Korea's economy crashed in 1997, forcing other chaebol to downsize, the Daewoo chairman defiantly insisted on boosting capacity in everything from cars to color TVs.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.