Chinese get tough on foreign projects
http://www.smh.com.au/business/chinese-get-tough-on-foreign-projects-20120412-1wwob.html
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"In a decision that will have implications for Australia's booming resources sector, China's State Assets Supervision and Administration Commission has published new rules that will hold state-owned enterprises and their executives accountable for bad overseas investment decisions.
The commission's move follows two disastrous investments in Australia's resources sector.
The largest Chinese investment project in Australia, the $7 billion CITIC Pacific Sino Iron project, conceived by the magnate Clive Palmer, has been dogged by huge cost blowouts and delay. The budget for the project has almost tripled from the initial $2.5 billion estimate.
A second big investment project, the $2 billion Sinosteel Midwest project, was shelved last year after a string of difficulties. The head of Sinosteel, Huang Tianwen, reportedly lost his job because of investments that had gone awry in Western Australia."