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Tsingtao Brewery Expands Market
Qingdao-based Tsingtao Brewery Group (TBG) has bought the bankrupt Langfang Brewery for 4 million yuan (US$481,000) during the ongoing 17th Hebei Provincial Fair for Economic and Trade Co-operation, according to China Daily.
"Langfang is of strategic significance for Tsingtao beer to enhance its presence in North China," said Peng Zuoyi, general manager of TBG.
TBG, as the domestic leader in the beer industry, felt it could no longer neglect the north.
Absorbing 150 million yuan (US$18 million) for refurbishment, the newly purchased Langfang brewery is expected to add 100,000 tons of beer to the present 2.5 million tons produced annually at TBG.
With the improvement of people's living standard, beer consumption is expected to swell and China may exceed the United States as the largest beer consumer in the world.
"We must grasp this opportunity to move ourselves into the top 10 breweries in the world by 2003," said Peng.
Peng said the company will do this by appealing to customers' tastes and interests.
By the end of last month, 756 foreign enterprises from countries such as the United States, Germany and Denmark with more than US$2 billion investment had been drawn to Langfang because of its favorable environment and close proximity to Beijing and Tianjin.
And as the host of this provincial fair, Langfang attracted another US$ 51.3 million.
Langfang is a city about 60 kilometres northwest of Tianjin.
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