Treasury Wine buys Chinese winery for $30 million
The maker of Penfolds, Treasury Wine Estates has entered the Chinese winemaking business, acquiring 75 percent of Ningxia Stone & Moon Winery Co. Ltd for RMB 130m (approximately A$27.5m). Located in the highly-regarded wine production region of Ningxia in north-western China, Stone & Moon’s asset base includes 43-hectares of planted luxury vineyards, a modern winery…