China's outbound M&As hit record levels

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There were a record 107 outbound M&As as of June this year, a record high in the first six months, up 14 percent than the previous year, according to a report released by PricewaterhouseCoopers Monday, an international auditing firm.

M&As in the industrial and consumer sectors nearly doubled in the first half of this year.

Despite market volatility and an uncertain global economic outlook, China remains hungry for M&A deals abroad across a wide range of industries, said the auditing firm.

Asia remains the top destination for outbound M&A with 33 deals in the first half of this year, there is also a noticeable growth in Europe as an investment target with 30 announced deals in the first half, exceeding the region's 2010 total.

In addition to the popular resources sector, the target sectors in Europe are industrials and the retail sector, according to the PwC report.

Resources tops the interest of Chinese buyers, followed by manufacturing, energy and technology.

Chinese companies are set to boost their outbound investments by double digits in the second half of 2011, which may make 2011 a record year for Chinese merger and acquisition activities abroad, said the report.

China's domestic M&As grew by 10 percent to a record level of 1,616 deals in the first half of the year while the number of inbound M&As remained broadly consistent with last year, according to the report.

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