Chinese holdings settle in Catalonia

From http://www.expansion.com/2012/08/19/catalunya/1345404917.html (in Spanish)

From the technology company Huawei to the financial giant ICBC (Industrial and Commercial Bank of China), the main Chinese companies are starting to settle in Catalonia.

ICBC, the Chinese bank that has become the largest financial corporation in the world by profit and market capitalization, has rented a space in Barcelona with the intention of opening their first office in October. At the same time, Hutchison Port Holdings is investing up to € 500 million to enlarge the capacity of the Port of Barcelona, whereas the telecom giant Huawei is currently evaluating the chance to install a repair and post-sales service for their products in Europe beside the former Sony factory in Viladecavalls.

Until now, Chinese investments in Catalonia have been scarce, mostly focused on restaurants and small shops. According to Spanish Ministry of Economy, in 2011 Chinese investments in Catalonia did not even reach € 500,000, whereas Catalan investments in China reached € 790 million in the same period.

However, the situation is starting to change and automotive and telecommunication industries are becoming the two main gates for Chinese investments in Catalonia. Tyre producer Double Star has reached an agreement with a Catalan partner to open a factory in the Maresme county, northeast of Barcelona. And the fact that the city of Barcelona has chosen to be the Mobile World Capital is attracting several companies, among which Taiwanese Toro Development Limited.

Finally, the Chinese group Huayi has acquired the Catalan compressor manufacturer Cubigel, located in Sant Quirze del Vallès, after a struggle with another Chinese company, Donper.