Harbin city government sells brewery stake

The Harbin Brewery Group announced that the Harbin municipal government sold its 29.07% stake of the company for HK$947.4 million (US$121.5 million) to an investment group. The Harbin government sold the shares at a 19% discount on the market share price to Global Conduit Holdings. China consumes approximately 250 million hectoliters of beer annually and that rate is rising, according to analysts.