Chinese Firm Drops $285 Million on Israel's SpaceCom Satellite Company - JNS BREAKING ISRAEL NEWS

Chinese Firm Drops $285 Million on Israel's SpaceCom Satellite Company

By JNS August 28, 2016  BREAKING ISRAEL NEWS

“Know this day, and lay it to thy heart, that Hashem, He is God in heaven above and upon the earth beneath; there is none else.” Deuteronomy 4:39 (The Israel Bible™)

Model of the Israeli Amos-5 satellite, the earlier version of the Amos-6. (Andrzej Olchawa via Wikimedia Commons)

Chinese Firm Drops $285 Million on Israel's SpaceCom Satellite Company

By JNS August 28, 2016  BREAKING ISRAEL NEWS

“Know this day, and lay it to thy heart, that Hashem, He is God in heaven above and upon the earth beneath; there is none else.” Deuteronomy 4:39 (The Israel Bible™)

The Chinese telecommunications conglomerate Xinwei Telecom Technology Group is buying Israeli satellite operator SpaceCom for $285 million, representing the latest of several recent Chinese purchases of Israeli companies and technologies.

The purchase is pending the successful launch of Spacecom’s Amos-6 telecommunications satellite, which was built by Israel Aerospace Industries. It will launch aboard a SpaceX Falcon 9 rocket on Sept. 3, Space News reported.

Chinese companies invested about $500 million in Israeli companies last year, according to analysis by the Ettinger Report. Israel’s trade with China is $11 billion, which represents 10 percent of Israel’s overall trade balance and double its 2010 trade balance.

Israeli technologies of special interest to Chinese companies include agro-technology and irrigation. In 2015, China’s Bright Food acquired Israel’s dairy product maker Tnuva for $2 billion. In 2011, China’s National Chemical Corp. bought Israeli pesticides and crop protection company Adama for $2.4 billion.