Latest News:  

English>>Business

China Foods to buy wineries in Australia, US

By Zhou Siyu  (China Daily)

14:31, April 02, 2013

China Foods Ltd - the Hong Kong-listed consumer food arm of Cofco, the country's largest State-owned food conglomerate - will buy two or three wineries in Australia and the United States, in a bid to expand its wine sales while fending off competition from surging wine imports.

The acquisitions, aimed at locally renowned brands, will be worth at least $20 million and are expected to be completed within the next two years, China Foods' Managing Director Luan Xiuju said at a news conference in Beijing on Monday.

"I've visited the wineries. Now everything depends on the progress of our talks with them," she said.

Luan also said the company is in talks with two global leading wine dealers to become their exclusive brand representative and distributor in China.

The company owns two overseas wineries: Chateau Viaud in Bordeaux, France, and the Bisquert winery in Chile. Sales from its wine import business were less than $15 million last year.

The company said the recent moves are intended to compete with foreign wine suppliers, which have eroded the market shares of domestic wine producers in the Chinese market in the last few years.

China's wine imports have seen a significant increase over the last seven years. The amount surged from fewer than 400 million liters in 2004 to 1,400 million liters in 2011, according to a report by Rabobank, making the country an attractive market for wine dealers across the world.

Among foreign suppliers, France continued to dominate China's wine market in 2012. From June 2011 to July 2012, China's imports of Bordeaux wine reached 63 million liters, industry data showed.

The vast amount of imported wine has seriously affected the sales of domestic producers.


【1】 【2】



We Recommend:

Photo Story: Bittersweet life of auto model

Top 10 richest people in Beijing 2013

34th Bangkok Int'l Motor Show to kick off

Beijing’s second-oldest McDonald outlet closed

Top 10 world's youngest billionaires 2013

China's solar giant declares bankruptcy

Email|Print|Comments(Editor:WangXin、Chen Lidan)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. South Sea Fleet in live-ammunition fire drill

  2. Servicemen popularize safety knowledge

  3. Obama hosts White House Easter Egg Roll

  4. Floating bridge dates back to Song Dynasty

  5. New born tiger cubs meet with tourists

  6. The 'milky river' in Yunan province

  7. Sun Yang wins first match after reuniting with coach

  8. Video: Leslie Cheung memorial 10 years on

  9. Private aircraft stores opening across China

  10. Air China launches 2nd Beijing-NY direct flight

Most Popular

Opinions

  1. New age of gender blending in China
  2. 'Tomb Sweeping Day' distorts meaning of Qingming
  3. Xi's visit starts new era of China-Africa relations
  4. Opinion: It's high time to stop hijacking Tibetans
  5. Significant risks remain for global economy:BRICS
  6. BRICS summit offers bright sunrise
  7. Western leaders learned nothing from Iraq disaster
  8. Home prices thwarts people's 'Chinese dream'

What’s happening in China

Sea burial held in China's Tianjin before Qingming

  1. Closer watch urged on hazardous waste drainage
  2. Workers in extreme cold need better protection
  3. WHO says notified by H7N9 bird flu cases in China
  4. Illegal dead pig trade put pork on tables for years
  5. Drug dealing pair sentenced to death