Europeans bought about 9% of a China Development Bank dim-sum bond and 8% of one sold by Beijing Enterprises Group, Dealogic said.

WSJ: Dim Sum Bonds Get Western Flavor

Beijing Enterprises, which is involved in everything from transportation infrastructure to the city's McDonald's franchise, is on most analysts' wish list, but its shares are already sky high.

CNN: Red Chip Frenzy Again?

Many of the Chinese companies involved are privately held, like Shuanghui, as opposed to the big state-owned enterprises that often act on behalf of Beijing on the international stage.

WSJ: 'China's No. 1 Butcher' Turns to U.S.

This allowed the new business, once local-government approval was obtained in China, to accept foreign private-equity money invested into the overseas holding company, while abiding by the letter of Beijing's restrictions on foreign investment in domestic enterprises.

WSJ: Scott A. Jalowayski: A Private-Equity Boost for China

In return, Beijing is getting engineering contracts to build port and road infrastructure, winning business for Chinese state-owned enterprises, and showing off what China is good at: building major infrastructure projects in record time.

FORBES: China In The Driver's Seat

Beijing recently announced that its top economic priority in the coming years was the overhaul of chronically inefficient state-owned enterprises.

CNN: Open the Gates