Chinese conglomerates eye European airports as new acquisition targets
Airports have become the new overseas acquisition targets for Chinese corporations with the acquisition of Lubeck Airport by China PR Group.
Airports have become the new overseas acquisition targets for Chinese corporations, setting another trend after the real estate investment craze, evident by China PR Group's acquisition of Lubeck Airport.
Lubeck Airport is the largest airport in northern Germany's Schleswig-Holstein state and the Hamburg metropolitan area’s second airport. After the acquisition, the airport will continue to seek Chinese investment for airport operations, flight training, air cargo as well as hotels in the vicinity.
China PR Group's president Yongqiang Chen said: “The development of flight training operations is in preparation got the further development of the Chinese aviation market. We will also open air routes to Chinese cities like Shanghai, Tianjin, Zhengzhou, Wuhan, Chengdu, Xian, Guangzhou and Xiamen. Tianjin and Zhengzhou will be the main departure points in China for Europe-bound air freight that includes fresh food, milk products and automobile parts.”
Chinese investment in Germany has been on the rise in recent years with Chinese firms eager to acquire quality German manufacturers. Unofficial data show that Chinese investors have put in a total of US$4 billion per year in over 100 projects with some 2,000 German companies.
Chinese acquisitions of overseas airports are entering a peak period. Besides China PR Group’s latest acquisition, Shandong High Speed Group has acquired Toulouse Blagnac Airport in France and Henan Linde Group has acquired Germany’s Parchim Airport.(Translation by David)