Knowledge@Wharton has a nice insight on the nature of venture capital in asia:

"Doing business in Asia takes a long time," added Hendrik Susanto, a San Francisco-based principal with IDG Ventures. "One deal I worked on while I was at Goldman Sachs -- an investment in a hotel -- took 20 years. The person who brought the deal to Goldman had known the founder back in the '70s ... In the U.S., things get done quickly. VC investing is easier and faster. It takes more time in Asia. You have to have patience and persistence. You have to pursue and establish trust."

"Even so, Suzuki pointed out that the early stages of the capital markets in Asia offer an opportunity for investors. "The total number of VCs in Malaysia remains less than 200. [Venture capital] is still in its infancy. But to do business there, to do business anywhere in Asia, you have to understand and respect the local culture. You can't just push your own ways. What works in the United States or Europe or Japan doesn't necessarily work in Malaysia."