OCCRP and partners mapped how the State Administration of Foreign Exchange (SAFE), China’s foreign-reserves agency, holds minority stakes in European assets. Reporters say SAFE routes investments through Luxembourg holding companies and British Virgin Islands structures, keeping ownership largely hidden from public records. Their examples span Spain’s natural gas distribution, wind farms in Wales and Scotland, and real-estate holdings in the UK, alongside other sectors like fiber optics and transport. Experts warn opacity limits public visibility into who controls infrastructure.
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