China is buying up US or European companies, or parts of them, with increasing frequency, the Financial Times reported, citing news reports and industry sources. Recent examples include the bid by CNOOC, the oil company, for California's Unocal and top appliance maker Haier's bid for Maytag. Earlier this year, computer maker Lenovo bought IBM's personal computer business. Last year TCL, the Chinese TV maker, acquired control of the TV business of Thomson SA, the French electronics company. Observers say more deals are likely as foreign firms recognize China's rock-bottom manufacturing costs.