Italian Prime Minister Matteo Renzi's government has signaled it is not going to stand in their way.
The main drawbacks to foreign investments in Italy have long been lack of growth and a Byzantine legal and regulatory framework, bankers say.
Chinese in charge
Renzi has pledged to modernize the economy and cut red tape. After more than a year in power he still seems to be enjoying a honeymoon period with overseas investors. And this year's expected pick-up in the economy is helping.
Renzi, an inveterate tweeter on all subjects, has been uncharacteristically silent about the Pirelli takeover but his government has made no protectionist noises over ChemChina, even as it snapped up one of Italy's best-known corporate names.
Bankers say Italy's attitude is encouraging Asian investments while Italian companies gain exposure to the huge Chinese market.
Joel Backaler, author of "China Goes West", said Chinese companies also needed to invest in Europe to compensate for their own very competitive domestic market.
"With labor and energy costs rising and the pressure on margins increasing, Chinese companies that want to sell at a premium price need to have something different, for example better quality tires than those you can find in China," he said.
He and other experts said the Pirelli deal, under which ChemChina will get a majority stake in the new holding controlling the tire-maker, could also signal a more muscular investment approach than in the past.
The agreement envisages the board of the new holding will be divided equally between the Chinese and Pirelli's existing shareholders, and the Italian management will stay on.
Under the deal, a "super-majority" equal to 90 percent of the capital will be needed to move the headquarters of Pirelli outside Italy or transfer its intellectual property to third parties, giving its Italian shareholders a veto power.
But bankers said there was little doubt over who would be increasingly calling the shots at Pirelli.
"I think we are going to see a clear power shift over the years. Ultimately, the Chinese will be in charge."