Saturday, September 21, 2013

China’s Southern European Spending Spree | The Diplomat

China’s Southern European Spending Spree | The Diplomat
Five hundred years ago Portugal began the quasi-colonization of China. With Lisbon deeply in debt, the tables have turned.
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As the world marks the 500 year anniversary of the arrival of the Portuguese people to China, a wave of Chinese investment and capital is pouring into Portugal.
Portugal was the first European power to establish a permanent settlement in China and was the last to leave when it returned Macau to Beijing in 1999. Now, suffering from a severe economic crisis, Portugal is making a strong push to attract foreign investment. China, despite its own economic slowdown, is taking advantage of the opportunities offered by the crisis in Portugal – and in other southern European countries like Spain and Greece.
To begin with, a growing number of Chinese investors have also been taking advantage of the drop in Portuguese property prices by buying new luxurious apartments in Lisbon’s best districts. The Portuguese government is trying to attract this investment as well by offering Portuguese citizenship to any Chinese willing to invest a minimum of US$800,000 in the country.

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