China's ambitious acquisitions overseas have made them one of the most important businesses for consulting firms including the big 4 accounting firms. Ernst & Young and Deloitte have released reports on China's overseas acquisitions almost at the same time.

Both of the two accounting firms argue Chinese overseas acquisitions have been active again involving greater value and more industries. The reports also warned of legal and financial risks and corporate consolidation after acquisitions.

According to the Deloitte report, there were 52 transactions valued at $29.1 billion about Chinese firms purchasing overseas energy and resources in 1H 2013, up from 49 transactions and $17 billion in value in 1H 2012. The value of all Chinese overseas acquisitions was $35.3 billion in 1H 2013, an increase of $12.4 billion from 1H 2012.

Chinese consumers' obsession with foreign name brands resulted in more overseas acquisitions in the retail industry, the Deloitte report said, adding that Chinese companies would target hi-tech, real estate, financial and consumer goods companies in 2H 2013.

The percentage of Chinese overseas acquisitions in the energy and metal industries has fallen to 64% in 2013 from 78% in 2009, while the agricultural technology's oversea investment has risen to 15% from 4%, according to the E&Y report.

The United States will continue to be the top destination of Chinese acquisitions, while Latin American and Africa are attractive too because of their natural resources, the Deloitte report said.

The E&Y report said the infrastructure in Latin America, Australia and Europe are worth investing in for Chinese companies.

China was considered by many countries to be the most promising source of foreign capital, according to an E&Y survey.

China was the world's largest foreign investor in 2012, after the United States and Japan.

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