Chinese wine group buying three vineyards in Chile

BEIJING – The Chinese wine company, Yantai Changyu Pioneer Wine, has signed an agreement with Chile's Bethia group to buy three vineyards in the South American country for more than US$50 million. According to Chilean media reports, the transaction will be concluded at the end of June, once the relevant authorisations have been obtained from China.

"Through these acquisitions, Changyu, which has operations in China, France, Italy and New Zealand, wants to increase its presence in the Latin American market through Chile," the China Daily reported.

The report describes Changyu is a large wine company in China with its origins going back to 1892. “The Chinese wine market is projected to be the world’s second-largest by 2020, with expansion primarily being driven by the country’s rapidly expanding middle class, the younger generation of consumers buying wine through e-commerce, and increased interest among young female consumers,” it said.  www.webershandwick.cn (ATI).