"We realized that an online tool to link Italians and Chinese was missing," said Simone Toppino, 35, who co-founded with his brother Alberto and Alessandro Zhou the website that has a mirror mandarin site Maimaiouzhou.com. They charge 42 euros to about 90 euros for their services. Most Chinese users of the website live in Italy. Bankruptcies have reached a record high this year, with more than 8,000 companies going bust in the first half in Italy, Cerved Group SpA data show.
Record Unemployment
While unemployment near a record of 12.7 percent and fiscal burden at an all-time high make it difficult for Italians to access credit, the 321,000 Chinese living in the country are better positioned as they can count on family networks rather than banks for financing, said Toppino, who's from the northwestern town of Alba.
Renzi flew to China in June with a delegation of dozens of Italian companies to help broker deals. A few weeks later, Italy's state lender announced the sale of a stake in energy grids holding company CDP Reti SpA to State Grid Corp. of Chinafor 2.1 billion euros.
People's Bank of China in July disclosed stakes in some of Italy's biggest companies, Fiat SpA (F), Telecom Italia SpA (TIT) and Assicurazioni Generali SpA (G), adding to investments in Eni SpA (ENI) and Enel SpA (ENEL) in March for a total of 3.04 billion euros.
Chinese Acquisitions
Chinese global cross-border acquisitions topped $54.3 billion this year, up 35 percent, Bloomberg available data show. Shanghai-based Fosun International Ltd. (656) in January outbid a U.S. buyout firm for Portugal's 80 stake in Caixa Geral de Depositos SA's insurance unit for 1 billion euros. Hong Kong-basedCosco Pacific Ltd. (1199) is among bidders of a state-fund stake in Piraeus Port Authority (PPA) while a Chinese venture is seeking a majority in Athens International Airport.
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