Property Rights to Pandas

Here is an interesting example of long-term planning for contingencies:

Under the loan agreement with China, all pandas born at zoos outside the country must be returned to China after the animals mature.

• Pandas are lent to U.S. zoos;
• U.S. zoo patrons get to see pandas;
• U.S. veterinarians and zoo-keepers devote many scarce resources to trying to get the pandas to mate;
• U.S. zoo patrons get to see baby pandas grow up; and
• China gets the grown-up off-spring at some distant future date.
  
  an interesting set of trade-offs.
  [h/t to Jack, who was more interested in the photo than in the economics]