Local Italian business owners are gradually selling properties and investments to Chinese partners as the country faces a deeper economic recession for the third time in six years. Europe's weakening domestic and local markets mean higher taxes, lesser employment opportunities, and lower wages.

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Around 200 Italian businesses are now owned by Chinese businessmen, La Repubblica reported, while more than 18,000 advertisements published in vendereaicinesi.it are seeking partnerships with the Asian giant. China's national banks are also into selling blue chip stocks from Italian companies, such as Fiat, Telecom Italia, Generali, and Eni. 

Chinese Prime Minister Le Keqiang is scheduled to attend the Asia-Europe Meeting on Oct. 16 to further strengthen ties with the European Union. Meanwhile, Italian Prime Minister Matteo Renzi is also looking forward to present investment opportunities to China as part of its midterm and long term economic plan.

China has also been one of Italy's strongest business partners with bilateral trade offs amounting to US$3.43 billion this year, Bloomberg reported. Currently, Renzi's government has the second largest debt in Europe with a total of US$2.53 trillion.

Sara Marchetta, a resident partner at Chiomenti law firm in Beijing, accounted that more clients are interested to either buy or setup businesses in Italy this year.

Entrepreneurs, such as Clotilde Narzisi and Luca Soliman, owners of Caffe Orefici, said that it is becoming more difficult for local businesses to thrive in an economy like Italy's especially with higher taxes and lower consumer spending.

The Chinese are "the only ones who are buying" and willing to invest on local retail scenes, said 43-year-old Narsizi. They "are buying pretty much everything," added Marina Cerrato, who also sold her amusement business to a Chinese family. 

According to them, it is more practical to sell investments at the price they want than to continue struggling in local business where the risks are bigger than potential gains.

TagsItalian economic crisis, China-Italy partnership, Chinese products in Italy