KPMG expects second half to be even stronger after 37pc rise this year
The value of China merger and acquisition deals grew 37 per cent in the first half of this year as mainland companies became the top target for foreign buyers, according to international accounting firm KPMG.
The firm's survey of global M&A activities showed China with a total 252 deals valued at US$8.1 billion during the past six months, compared with 232 deals at $5.9 billion in the corresponding period last year.
Chinese companies were the No1 acquisition targets in the past six months, followed by Japan, South Korea and Hong Kong, the survey reported.
'China's economic recovery and its liberalisation policies have made Chinese firms more attractive to foreign buyers,' said Gavin Geminder, the head of KPMG corporate finance for the mainland and Hong Kong.
Notable deals in the first half included Asahi Breweries and Itochu Corp of Japan buying 50 per cent of mainland beverage producer Tingyi, and the purchase of 24.98 per cent of Industrial Bank of China by a consortium of Hang Seng Bank, International Finance Corp and the Singapore government.
