China's acquisitions of Korean businesses spike in 2015

Chinese companies' takeover of Korean businesses spiked last year, with the culture and financial service sectors emerging as their main targets, industry data showed Monday.

According to the data compiled by the Korea International Trade Association, Chinese companies took over Korean firms in a total of 33 corporate merger and acquisition (M&A) deals last year, which was about three times more than the previous year. 

Money involved in those deals came to $1.93 billion, a 128-percent rise from the year before. The amount was equal to some 70 percent of their takeovers of Korean companies reported over the past decade, the data showed.

The culture and financial services sectors emerged as their main targets, a change from the past few years when they mostly focused on taking over manufacturers.

From 2006 to 2014, 52 percent of Korean firms purchased by Chinese companies were manufacturers. Entertainment and financial services firms such as insurers made up 73 percent last year, the data showed. (Yonhap)