All those US dollars held by the Chinese are coming back home, as investors snap up American assets.
In addition to buying lots of oil and base metals and all that stuff, Chinese investors have acquired a stake in NBA franchise the Cleveland Cavaliers, the team of superstar LeBron James
WSJ: The Asian conglomerate, which includes JianHua Huang, a Chinese businessman who has brokered sponsorship deals with the New York Yankees and other sports franchises in the U.S., could acquire up to 15% of Cavaliers Operating Company, the entity that owns the team and operates Quicken Loans Arena.
Mr. Huang and others in the group attended Games 1 and 2 of the Eastern Conference finals in Cleveland. On Friday, they sat courtside and watched Mr. James hit a game-winning 3-pointer in the final second to give the Cavaliers a 96-95 win and even the best-of-seven series which resumed Sunday night.
If approved, the deal would provide marketing opportunities for the Cavaliers and Mr. James, who is eligible to become a free agent in the summer of 2010. The 24-year-old MVP, who is already among the league’s most popular players in Asia, has stated he wants to become the first billionaire athlete. His brand overseas could be enhanced by playing for a team with Chinese business partners.
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