Chinese companies and funds have ramped up investment in crisis-hit Europe, buying utilities, energy firms and even luxury yacht makers, but are steering clear of eurozone debt.

Analysts say bargain-hunting -- and not the secret hand of Beijing -- is driving the recent wave of acquisitions as Chinese companies seek to expand overseas and the country's sovereign wealth fund diversifies away from US bonds.

Chinese direct investment in Europe more than doubled to $US6.7 billion in 2010 from the previous year, latest official figures show, and analysts expect the recent flurry of deals to continue as eurozone economies deteriorate.

"At a time of severe economic and financial stress in the eurozone there are inevitably some great buying opportunities for cash-rich Chinese firms," said Alistair Thornton, an analyst at IHS Global Insight in Beijing.

Chinese firms have been targeting a range of sectors, including engineering, high-tech, energy, finance and utilities, as intense domestic competition forces them to look for new markets around the world.