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As a multi-cultural country with a British colonial past hosting many different ethnic groups including Westerners, Singapore juggles with the often conflicting forces of Westernization (holding the promise of economic prosperity) and Asianization (holding the promise of a distinct cultural identity). Although the endorsement of 'Asian values' by Singapore political leaders such as Lee Kuan Yew may be seen as a mere rhetoric device to either explain ethnic Chinese business success or the Asian crisis, the question needs to be raised as to the ways in which the Asian Values discourse affects both Western and Asian MNCs operating in Singapore. In order to address this question, this article investigates the participation of a European-Japanese joint venture in a large government-sponsored reclamation project in Singapore. It is a rather unique situation in which the state as paymaster has the upper hand over the partners. The investigation shows that reference to 'Asian values' is a significant boundary-marking strategy used by both the Singapore government and the joint venture partners to manipulate the power balances in this triangular relationship. The outcome is more often than not advantageous for the Singapore state. © 2005 Taylor & Francis.