Rich pickings in Europe for Chinese firms, say experts

Chinese companies in Europe are probably looking at the best time to expand investments on the continent as several European nations are facing pressure to maintain a people's welfare system and create new growth avenues in trade, services and financial sectors, experts said on Wednesday.

The comments came after Greece defaulted on a 1.6 billion euros ($1.8 billion) payment to the International Monetary Fund earlier this week. The European Central Bank has already warned that other members of the European Union including Italy, Portugal and Ireland need to take decisive measures to avoid a Greece-like situation.

Fan Chunyong, secretary-general of the Beijing-based China Industrial Overseas Development and Planning Association, said the debt crisis in Europe has presented Chinese companies with prime opportunities to acquire European businesses at bargain prices.