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User profile: Geezer

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  • RegisteredAugust 23, 2008
  • RegionChina
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  • RegisteredAugust 23, 2008

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Forums > Living in Kunming > Our House Is Torn Down

@bilingualexpat I hope to hell you are not an American as it would be a hoot to watch 'your' army march down, or up, the Arc de Triomphe, or are you being defiantly nescient?

l’Arc is at one end on the Champs-Élysées.

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Forums > Living in Kunming > Our House Is Torn Down

@Napoleon

I agree with most of your description of the center of Beijing in the 90s but my recollection is the major changes began about 2000 and accelerated as soon as the 2008 Olympics were announced.

I began my photographic record of the hutong in the late 90s and by 2002 was aware I had photos of places that were gone. On my hutong walks in 2003, I met a young lady who worked for an American NGO documenting known 500 to 1000 year old buildings in the hope of saving them. They are all gone now.

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The trick in enjoying hotpot and not smelling like boiled mutton is to change your clothes within a day or two. Me, I would never go much longer than a week wearing the same clothes. Showering at least once a month will also help the stinky foreigner problem.

Geez, what a bunch of sensitive foreigners. Frankly, I love fresh durian, stinky tofu, hotpot and don't mind incense. I like nuoc mam too. Hate to ask but WTF are you guys doing in China?

Now that Bluegogo has gone Byebye, we can get an idea of who made money, and how, providing shared bikes. The unknown is the actual cost of the bikes, A Bloomberg article puts the Bluegogo cost at $400 USD (¥2640) each which I doubt. Mobike says their cost per bike is ¥1000 and other companies say between ¥300 to ¥600 per bike.

Using an exchange rate of 6.6 yuan/1 USD, here is Blugogo's take:

Investors poured in $58.1 Million USD.

20 Million riders forked up deposits, at an estimated ¥99 Yuan each, totaling a cool $300 Million USD.

Cost of 600,000 bikes varies:
Each ¥400 is $36.6 Million USD
Each ¥600 is $54.6 Million USD
Each ¥1000 is $91.2 Million USD
Each ¥2640 is $240.0 Million USD

Net cash flow to the PROMOTERS before salaries, rents and operating expenses
(Investors + Deposit less cost of bikes):

Bike cost each ¥400 is $321.5 Million USD
Bike cost each ¥600 is $303.5 Million USD
Bike cost each ¥1000 is $266.9 Million USD
Bike cost each ¥2640 is $118.1 Million USD

My guess is a bike cost of about ¥600 before kickbacks and over invoicing which leaves more than $200 Million USD for the PROMOTORS. Along the way a bank or two might have made working capital loans and a few nice cars were bought. To lower exposure some stock buybacks from selected investors might have been made. The secrets are all in the books of Bluegogo if they can be found or reconstructed. If I was still teaching Accounting I would use Bluegogo as a teaching tool.

Moral: In China forget profits, look at cash flows, big front money and promotor benefits for quick bankruptcy. Slam Bam, thank you mam, badabing, badabam and Adios!

Reviews

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In March 2014, I had a stroke in Kunming. John Xie was very helpful in getting my sons and I stuff and transporting me, I could not walk, around Kunming and to the airport. John's attitude was to be helpful and he solved some minor problems along the way. He has my gratitute.

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Samoana is closed and the business is for sale. Contact numbers are posted on the door.

Good Luck Ruth and Troy and all the good folk that worked there.

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Saw tigertiger's review and realized I hadn't stopped at Paul's Shop in a few months. Walked into Paul's with nothing in mind to buy. Walked out after spending 250 yuan.

Bought stuff not usually found in Kunming. I'll be checking Paul's much more often in the future.

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Good for quality, but pricey, hand tools.

Be aware they will push whatever they are selling. Some of the staff have no idea about the technical side of appliances.

I went there to buy a stove. I repeatedly told them I would be using bottled gas. They sold me a stove. When I went to my local gas guy, I learned there are at least three kinds of gas sold. Luckily, B&Q did not deliver as promised. I went back to the store and discovered they had sold me a stove they needed to be hooked up to the gas main. I got my money back.

The sales lady was almost in tears, 没有问题!I don't know if it a safety or design issue, but I would think B&Q would know and care.

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Last week had an 8:45am flight.

Subway starts at 9am. I have no idea where to catch an airport express bus. Eight taxis refused to go to the airport. After almost an hour standing on Beijing Lu took a black taxi, this dude drives slower than my mother, 120 yuan.

Flight back was delayed so I learned the subway stops running at 6:10pm.

Getting a taxi back was easy, more taxis than customers. Taxi was 87 yuan including 1o yuan toll, airport to Beichen area. Yes, he took a longer route than necessary.

Kunming imagines being a gateway for international travelers. New airport but hard to get to and from it.

World Class Airport, NOT!