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Chinese Food and Wine Companies May Invest in Farms in Bulgaria

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May 13 (Bloomberg) -- Tianjin State Farms Agribusiness Group Co, a Chinese farming group, wants to invest 100 million lev ($73 million) to set up farms in Bulgaria, while Dynasty Fine Wines Group Ltd. wants to buy a winery, Bulgaria’s Agriculture Ministry said.

Dynasty, a winemaker based in Tianjin, China, that’s part owned by Remy Cointreau SA, France’s second-biggest liquor company, plans to buy a Bulgarian winery and lease or buy vineyards to produce wine and sell it in China, the ministry said in an e-mail today.

Tianjin State Farms plans to buy 10,000 hectares (24,710 acres) of land in north-western Bulgaria to grow corn and other fodder crops that will be shipped to China, the ministry said.

Editors:

To contact the reporter on this story: Elizabeth Konstantinova in Sofia at ekonstantino@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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