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. 中國一家虧損礦商即將賣給英國一家電腦游戲開發商，這筆3億美元的交易可謂中國可怕而往往不協商的、債務助燃的并購熱潮的典型代表。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. 該交易將意味著一家奇幻游戲開發商與一家鐵礦石生產商聯姻。交易宣告之際，中國保險商安邦(Anbang)剛向喜達屋酒店及度假村國際集團(Starwood Hotels and Resorts)收到130億美元并購契約，而在這條消息爆出的24小時前，安邦剛達成協議65億美元并購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的數據表明，今年以來中國已宣告總計1020億美元的境外并購交易，迫近2015年全年1060億美元的紀錄。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. 身兼鐵礦石生產商的山東宏達礦業股份有限公司(Shandong Hongda)或許砸下的資金略少一些，但3億美元的價碼已是其去年預測凈虧損的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. 上世紀90年代初作為村辦鐵礦問世的宏達，即將并購在線角色扮演游戲《江湖》(RuneScape)的英國開發商Jagex。

Incongruous diversification is also part of the Zeitgeist. 不協商的業務多元化也是“時代精神”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. 受到生產能力不足和債務拖垮的老工業企業，如煉鋼廠和礦商，正在改向新的業務領域，從養豬、房地產，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. 在長達20年的時間里，大量投資涌進中國，最初是為了利用廉價勞動力，后來是為了挖出蓬勃發展的中國市場，當時中國經濟以年均相似兩位數的速度快速增長。

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，中國經濟快速增長上升、興旺時期累積的債務所帶給的更加大的壓力早已使這股潮流再次發生了反敗為勝，中國企業于是以爭相在境外物色較低、但比較比較穩定的投資報酬。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奇幻世界對戰怪獸，山東宏達也受到自己無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. 在大宗商品興旺時期賺得盆剩缽剩的中國礦商，曾多次乘機擴展，結果卻看見經濟快速增長上升重創礦石價格，造成它們的利潤大幅度上升。

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