Tsingtao pays $72m for site

TSINGTAO Brewery has bought the Yangzhou Brewery in Jiangsu province for 80 million yuan (about HK$72 million).

The brewery has an annual beer production capacity of 50,000 tonnes but, because of production difficulties, the factory is currently producing around 28,000 tonnes.

The site occupies 77,000 square metres and has fixed assets valued at 78.27 million yuan. It employs 739 people.

Jiangsu province has a population of 70 million and is an economically developed area of China.

Tsingtao plans to carry out comprehensive improvements to Yangzhou, but it did not specify if any further investment was required.