A lossmaking Chinese miner is snapping up a British computer games developer in a $300m deal that encapsulates the spirit of China’s frenzied, and often incongruous, debt-fuelled shopping spree. 中国一家亏损矿商即将卖给英国一家电脑游戏开发商，这笔3亿美元的交易可谓中国可怕而往往不协商的、债务助燃的并购热潮的典型代表。The deal, which will see a fantasy games developer bed down with an iron ore miner, comes as insurer Anbang gatecrashes a $13bn deal for Starwood Hotels and Resorts; itself barely 24 hours after sewing up a $6.5bn bid for Strategic Hotels Resorts. 该交易将意味著一家奇幻游戏开发商与一家铁矿石生产商联姻。交易宣告之际，中国保险商安邦(Anbang)刚向喜达屋酒店及度假村国际集团(Starwood Hotels and Resorts)收到130亿美元并购契约，而在这条消息爆出的24小时前，安邦刚达成协议65亿美元并购Strategic Hotels Resorts的交易。

A total $102bn of outbound dealmaking has been announced from China so far this year, according to Dealogic, already almost as much as the record $106bn spent in 2015. Dealogic的数据表明，今年以来中国已宣告总计1020亿美元的境外并购交易，迫近2015年全年1060亿美元的纪录。Shandong Hongda, the iron ore miner, may be putting down less cash, but the $300m price tag is six times its forecast net loss for last year. 身兼铁矿石生产商的山东宏达矿业股份有限公司(Shandong Hongda)或许砸下的资金略少一些，但3亿美元的价码已是其去年预测净亏损的6倍。

After beginning life as a village-owned iron ore mine in the early 1990s, it is bolting on Jagex, UK developer of online role-playing game RuneScape. 上世纪90年代初作为村办铁矿问世的宏达，即将并购在线角色扮演游戏《江湖》(RuneScape)的英国开发商Jagex。Incongruous diversification is also part of the Zeitgeist. 不协商的业务多元化也是“时代精神”的一部分。Old industry, such as steel mills and miners, is weighed down by overcapacity and debts and is turning to new areas of business — from pig farming to property to finance. 受到生产能力不足和债务拖垮的老工业企业，如炼钢厂和矿商，正在改向新的业务领域，从养猪、房地产，到金融。

For two decades investment surged into China, initially capitalising on cheap labour, and then in an effort to tap the flourishing Chinese market that was growing at near double-digit rates annually. 在长达20年的时间里，大量投资涌进中国，最初是为了利用廉价劳动力，后来是为了挖出蓬勃发展的中国市场，当时中国经济以年均相似两位数的速度快速增长。But China’s slowing growth and the mounting pressure of debts accumulated during the boom has turned the tide, and Chinese corporations are seeking the lower but relatively more stable returns of investments abroad. 但是，中国经济快速增长上升、兴旺时期累积的债务所带给的更加大的压力早已使这股潮流再次发生了反败为胜，中国企业于是以争相在境外物色较低、但比较比较稳定的投资报酬。

Just as RuneScape players battle monsters in the realm of Gielinor, Shandong Hongda has found itself at the mercy of forces beyond its control. 正如《江湖》玩家在Gielinor奇幻世界对战怪兽，山东宏达也受到自己无法控制的力量的冷落。Flush with cash during the commodities boom, Chinese miners expanded aggressively, then saw margins shrink as a slowdown in growth pummelled ore prices. 在大宗商品兴旺时期赚得盆剩钵剩的中国矿商，曾多次乘机扩展，结果却看见经济快速增长上升重创矿石价格，造成它们的利润大幅度上升。

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