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A new Hungarian-Chinese joint venture will produce oak wine barrels in China. The joint venture is owned by Trust Hungary Zrt. and Chinese Huai Lai Amethyst Manner Co. who signed an agreement yesterday in Budapest. Each company holds 50 % of the shares.
The plans involve the invesment of ¥300 mln – a worth of HUF 12 bln – in a barrel factory located in the Chinese province of Hebei, one of the most touristic regions of Northern China in the surroundings of Beijing.The factory is expected to start operating next year and aims at producing an annual 10,000 barrels, generating a revenue of $10 mln.