Chinese companies' acquisitions in Europe up eight-fold in 2021

BEIJING (AA) - Chinese companies’ acquisition of European companies rose eight-fold in 2021 after a decline in 2020 because of the coronavirus pandemic.

State-run news agency Xinhua reported that Chinese investors bought 155 companies in Europe in 2021 for a total of $12.4 billion, based on a report by Ernst & Young consulting company.

Hong Kong-based Hillhouse Capital's acquisition of Dutch electronics manufacturer Phillips' home appliances division for $4.4 billion was the largest investment.

It was also noteworthy that Chinese internet company Tencent bought British game developer Sumo Digital for $1.25 billion and China International Marine Containers bought Danish manufacturer Maersk Container Industry for $1.1 billion.

The most invested countries were the UK with 36 companies, Germany with 35 companies and the Netherlands with 13 companies.

* Writing by Gokhan Ergocun from Istanbul