BEIJING -- Chinese winery Yantai Changyu Pioneer Wine Co will buy an 80 percent stake in the Clare Valley's award-winning Kilikanoon Estate in Australia for A$20.6 million ($16.4 million).
The deal follows Chengyu visiting Kilikanoon near Adelaide in South Australia in November 2016 and beginning partnership negotiations in early 2017.
Changyu Chairman Zhou Hongjiang said that the completion of the Australian deal means that Changyu's overseas acquisition plan is complete.
The company, which is based in Yantai, East China's Shandoing Province, had previously purchased wineries in France, Spain and Chile. (Source:Global Times)