Lion Nathan sells breweries

China Resources Breweries has agreed to buy three unprofitable Chinese breweries from Australia's Lion Nathan Ltd. China Resources, 49% owned by brewing giant SABMiller plc, is the second largest brewer in China. It will pay Lion Nathan US$71 million and assume about US$83 million in debt for the three breweries located in Jiangsu province. International brewers have been eager to build up holdings in the world's fastest growing beer market, although with mixed success. Lion Nathan put its Chinese business up for sale in July after seven years of losses.