A banker friend of mine trekked to a rural part of China recently to carry out some due diligence on a company that was looking to issue dollar bonds to grow its dairy farm.
But did he get a shock when he arrived! From a distance, he could spot a few lazy cows grazing on the farm. But as his car pulled up closer, he was amazed to find that the cows were not real — merely statues.
The company officials hurriedly explained that they had ambitious plans for the land — the real cows were simply not there yet. Unluckily for the prospective borrower, my friend replied that his bank would be mooving on to other pastures.