Hayotzer has agreement in principle for venture that will give it an entry into the second-biggest wine market in the world
HAREETZ - Sep 04, 2017
China is on its way to becoming the second-biggest wine market in the world as Chinese tipplers grow increasing fond of the grape, and now one Israeli winery is set to get a piece of the action. Hayotzer Winery, a unit of the Arza Winery, has reached an agreement in principle to help the Chinese group Hubey Pengdun to set up an $8 million winery in Hubei Province and advise it on viticulture and winemaking, Guy Edri, Yayotazer’s CEO told TheMarker. Under the terms of the agreement the two sides are now discussing, Hayotzer will get a 20% or 25% stake in the new venture, which will take two years to erect once it’s received all the regulatory approvals.