Portugal has become one of the major destinations for Chinese investment in Europe, the Portuguese Ambassador to China, Jorge Torres-Pereira, said last week.

“Right now we are competing with Italy for fourth place,” he said, quoted by Portuguese news agency Lusa.

The United Kingdom, Germany and France are the top three European destinations for Chinese investment, according to Mr Torres-Pereira.

China Three Gorges Corp and Fosun Group are among the Chinese firms that have purchased stakes in Portuguese companies in recent years. Last year, Fosun spent 1.04 billion euros (US$1.36 billion) to buy an 80-percent stake in the insurance unit of Portuguese banking corporation Caixa Geral de Depósitos SA.

“Portugal is on the radar of Chinese investors,” the ambassador said, stressing the European Union country “is entering a new cycle of growth”.