Good analogy V-Jet, the Chinese have been stitching up greedy and gullible Western businessmen since at least as early as 1935 when my father first watched them in action. By his count there have been Five of these booms since then. Anyone remember about Ten years ago it was all about the "Asian TIger Economies"? Then Ireland was christened "The Celtic TIger economy"?
These are all good stories but the reality is that most of the writing about them in the financial press is what my old corporate strategy lecturer termed "business pornography". So Geoff Dixon and Alan Joyce saw the Chinese metaphorically wriggling their backside, flashing a bit of tit and whispering about "multi million dollar markets" and they got a hard on.
Just like tarts of old, "just a few dollars more baby!". "Just wait a little longer baby and buy me another drink" and when the money is gone out wil come the bouncer and they are in the back lane: broke, half drunk and totally unsatisified.
If I were a good Chinese businessman, I would be thinking how I can get my hands on those A320's. Perhaps Alans only saving grace so far is that the unused aircraft are NOT on the ground in China, because when the time comes to lower the boom on the Qantas Asian adventure you can bet your life that a commercial dispute will be manufactured and any aircraft available will be arrested and grounded - held hostage if you like, untill the last cent is judged by the Chinese to have been wrung out of QF.
Here's a thought for Alan; just how much are you up for if your Asian ventures fall in a heap? Is it even possible to cance these AOC applications and dissolve partnerships without penalty? My guess would be no, and that also begs the question of what happens to all those A320's in that eventuality.
THe only consolation for Alan and the Board is that they follow a long line of Western businesses into bankruptcy from listening to the siren songs of the Middle Kingdom.