Beijing is surrounded by rubbish dumps so large that they have been described as the city’s “seventh ring”.
On Thursday Beijing Enterprises completed the largest ever Chinese acquisition of a German business, purchasing a German waste management company for €1.44bn.
The target company is regarded as an industry leader in advanced technologies for filtering emissions.
The firm currently converts 4.7m tonnes of waste a year into energy, producing district heating, steam for industry, and electricity for 700,000 households in Germany, Luxembourg and the Netherlands.
“A report by EY this week said that Germany had been the most attractive destination for Chinese investment in Europe last year, with Chinese groups acquiring a total of 36 German companies, up from two in 2009. Britain was ranked second with 34 acquisitions, and France third with 20.”
“Most Chinese investments are concentrated in Germany’s Mittelstand — the small and medium-sized industrial companies that make up the backbone of the country’s economy.”