Australia's wine industry has attracted more Chinese investment after Wei Long Grape Co said it had agreed to buy hundreds of hectares of vineyards for 13 million Australian dollars.
Wei Long Grape Wine Co has agreed to spend A$13.4 million (67 million Chinese yuan) to buy three Australian vineyards, the company told the Shanghai Stock Exchange.
It marks the latest in a series of Chinese investments in Australia's wine industry.
Wei Long said its agreed acquisitions were located in Mildura and Swan Hill in Victoria, with another third in New South Wales.
The deals include 484 hectares of vineyards and 605 hectares of land that could be planted with vines, it said.
According to a report in the Australian Financial Review, Wei Long also intends to open a winery in Mildura to process 60,000 tonnes of grapes annually.
The Chinese firm said in its stock filing that it wanted to access more high quality grapes to help build its brand image.
Wei Long was founded in 2007 and is part of a new wave of companies seeking to profit from Chinese middle class consumers developing a taste for wines.
It has a relatively strong distribution network in China, listing large supermarket chains as clients.
A free trade deal between China and Australia has fostered stronger links between Australian wine producers and Chinese distributors and retailers in the past 18 months.
Translated by Sylvia Wu / 吴嘉溦
All rights reserved by Future plc. No part of this publication may be reproduced, distributed or transmitted in any form or by any means without the prior written permission of Decanter.
Only Official Media Partners (see About us) of DecanterChina.com may republish part of the content from the site without prior permission under strict Terms & Conditions. Contact email@example.com to learn about how to become an Official Media Partner of DecanterChina.com.