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Chinese container terminal operator Cosco Pacific appears to have been the sole bidder for a 67% stake in Piraeus Port Authority, for which it is prepared to pay $400m. Now it has set its sights on acquiring national Greek rail operator Trainose, which is also up for privatisation. The rationale is that joint control of the country’s largest port and its rail system would enable Cosco to offer central and eastern European importers an alternative gateway for their goods; while for the Chinese government, which hold s a majority stake in Cosco, the deal would create a western terminus for its “One Belt, One Road” 21st Century Silk Road.