DALIAN, China -- China's top brewer is diversifying as beer sales shrink in China. It is homing in on the baijiu white liquor market, which it sees as having huge growth potential.
In October, China Resources Beer (Holdings), known for its Snow brand, announced that a unit of the company had agreed to buy a 55.19% stake in Chinese colorless liquor maker Guizhou Jinsha Jiaojiu Winery Industry to bolster its nonbeer assets. It will buy the stake for some 12.3 billion yuan ($1.75 billion) as it looks to become a diversified and dominant maker of alcoholic beverages.
