Chinese buyers dominate Portuguese govt sell-off

As bargain-hunters waited in a packed room at a property auction in Lisbon last month, one language dominated their chat: Mandarin.

About 90 percent of the bidders for the government-owned apartments and stores on offer were Chinese, according to Jorge Oliveira, the official overseeing the asset sale. They ended up acquiring more than two-thirds of the 45 properties, he said.

"A Portuguese investor bought a store to start a bakery and coffee shop, but most of the properties went to the Chinese," Oliveira said after the sale.