How Beijing bought up Britain. China has quietly spent £134bn hoovering up UK assets, from nuclear power to private schools and pizza chains. Research reveals that almost 200 British companies are either controlled by Chinese investors or count them as minority shareholders. The value of Chinese investments totals £134 billion. Some of the biggest sums have been spent in the energy sector, notably nuclear power. Chinese state-owned China General Nuclear (CGN) bought a 33.5 per cent stake in Hinkley Point C power station in Somerset, the first new nuclear facility to be built in the UK in more than 20 years. The main investor is France’s EDF. CGN, which has been blacklisted in America for allegedly helping to acquire US tech for military use in China, has also joined with EDF on the proposed nuclear plant at Sizewell C in Suffolk. CGN will take a 20 per cent stake during the plant’s development. Plans for a third plant, at Bradwell in Essex, have China hawks up in arms, because CGN intends to take a majority 66.5 per cent stake during development and will use its own reactor technology.
Times 2nd May 2021 read more »