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| Smith: saw good Asian companies hit along with the bad |
When the financial crisis broke across Asia in the second half of 1997, the best companies were hit just as hard as the good. It was a shock of such sudden appearance and virulent intensity that no-one could have been prepared for it. “Even the top Hong Kong land companies with very conservative gearing levels of 20% or less and family owners measuring their net worth in billion of dollars – who must have thought that nothing much could harm them and that a crisis might even help the strong companies to stand out – suddenly found that banks simply stopped lending to them.
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