Chinese investment in US doubled in 2013: Study
Published on Jan 8, 2014 6:59 AM
WASHINGTON (AFP) - China's investment in the United States (US) doubled to US$14 billion (S$17.7 billion) last year despite sometimes rocky political ties, with private firms leading the way, said a study out on Tuesday.
About half of the value consisted of Shuanghui International's takeover of prominent pork producer Smithfield Foods, a US$7.1 billion deal that marked the largest ever Chinese acquisition of a US company.
But the report by the Rhodium Group, a New York-based firm that looks closely at Chinese investment, found that the total number of deals had also risen from 2012 to 82. It said that Chinese companies accounted for 70,000 full-time jobs in the United States.
The total value of investment hit a record high of US$14 billion, with high-profile deals in real estate as well as Chinese investors took stakes in the General Motors Building and Chase Manhattan Plaza in New York.
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