AUSTRALIAN giant Foster's Brewing Group yesterday signed a 60:40 joint venture with Shanghai's Huaguang Brewery. Foster's subsidiary Carlton and United Breweries will contribute to the venture 60 per cent of the capital - A$30 million (about HK$162 million) rising to $120 million in the next four to five years. It will develop and modernise Huaguang's brewery, noted for its Shanghai and Guangming brands. It will also develop a new brewery on a 10 hectare site owned by the joint venture company in Shanghai's Pudong development Zone, Foster's said. The new brewery - the Shanghai Foster's Brewery - will make draught and packaged beer with Foster's as its international premium brand. A Chinese national brand and a Shanghai regional brand would also be produced but details were not final. Total Shanghai production is planned to be more than 400 million litres. Foster's chief executive Ted Kunkel, who signed the agreement in Shanghai, said this was the first and biggest stage of the brewery's China programme.