SABMiller in China tie-up

DRINKS giant SAB Miller has stepped up its presence in China via a $47m (£28.9m) deal for Hangzhou Xihu Beer.

The Peroni brewer bought out the remaining 55 per cent stake in Xihu via its CR Snow joint venture, which is co-owned by China Resources Enterprise. The majority share in Xihu was previously owned by Japanese brewer Asahi. “SABMiller is committed to growing its presence in China through its joint venture with CRE,” the company said.