BEIJING, Dec. 16 (Xinhua) -- Chinese companies may increase overseas mergers and acquisitions (M&As) by 40 percent next year while outbound deal value may hit a record high of 30 to 35 billion U.S. dollars this year, China Daily reported Wednesday.
The newspaper said, citing Wang Xiaogang, a partner at PricewaterhouseCoopers LLP (PwC) China, that the major risk for Chinese companies in fostering overseas M&A deals is the insufficient risk analysis capabilities, particularly in financial and legal aspects.
Domestic and inbound M&A deal volumes in China (including Hong Kong and Macao) in the second half of 2009 are returning to robust 2008 levels, indicating that the impact of the global economic downturn on Chinese M&As seems to be short lived, PwC said in a report.
More than 1,800 domestic transactions are likely to be recorded in the second half of this year, for a total of about 3,200 deals for the full year. That compares with 2,000 deals for the second half of 2008, and 3,797 deals for 2008, according to the report.
The financial services sector has the highest announced deal value in 2009, followed by the real estate sector.
Foreign strategic deal activities, however, continued to decline, with only 400 deals for the whole of this year, representing a 40 percent drop from 2008 levels. Foreign buyers have been sorting out problems in their home markets and this has shifted focus from acquisitions, the report said.
China to levy low tariffs on more than 600 commodities in 2010
BEIJING, Dec. 15 (Xinhua) -- China is to impose temporarily low import tariffs on more than 600 commodities next year, the Ministry of Finance (MOF) announced Tuesday.
The targeted commodities comprised resource commodities, including coal, granite, and phosphate ore; key components for optic communications; medical products, including plasma and vaccines; and some advanced production machines, the MOF said in a statement. Full story
China's fifth largest automaker buys Saab assets from GM
BEIJING, Dec. 15 (Xinhua) -- Beijing Automotive Industry Holdings Co. Ltd. (BAIC), China's fifth largest automaker, has agreed to take over some of the assets of General Motor's Saab arm as part of its plans to develop cars under its umbrella, China Daily reported Tuesday.
BAIC is one of the few Chinese automakers not to have its own car brand and model, and also has limited production and research and development experience in passenger cars, according to the newspaper. Full story
Chinese company purchases theatre in U.S.
BRANSON, United States, Dec. 14 (Xinhua) -- China Heaven Creation International Performing Arts Co. Ltd (CHC) Monday formally took over the ownership of the White House Theatre in Branson, Missouri, making the first ever successful purchase of an American theatre by a Chinese company.
Cao Xiaoning, CEO of the Chinese performing company, signed the documents on the 3.54 million-U.S.-dollar deal with representative of the White House Theatre at Hogan Land Title Co. in Branson. Mrs. Raeanne Presley, the Mayor of Branson, Mr. Li Dongwen, Cultural Counsellor of Chinese Ambassy, and some other officials from the City of Branson were present at the signing ceremony. Full story
China's fifth largest automaker buys Saab assets from GM
BEIJING, Dec. 15 (Xinhua) -- Beijing Automotive Industry Holdings Co. Ltd. (BAIC), China's fifth largest automaker, has agreed to take over some of the assets of General Motor's Saab arm as part of its plans to develop cars under its umbrella, China Daily reported Tuesday.
BAIC is one of the few Chinese automakers not to have its own car brand and model, and also has limited production and research and development experience in passenger cars, according to the newspaper. Full story
Special Report: Global Financial Crisis
