China’s Fosun Group Looks Homeward: Acquires Asahi’s Stake In Tsingtao Brewery

China’s Fosun Group, which has been on an overseas buying spree lately, is turning its attention back to the homeland as it buys out Asahi’s stake in domestic brewer Tsingtao for $844 million. The buyout makes Fosun the second biggest shareholder in century-old Tsingtao with 18.1 percent. State-owned Tsingtao Brewery Group owns the rest. The deal is said to be consistent with Fosun’s major business areas and its focus on China’s expanding middle class. The deal also reflects a shift in direction resulting from government pressure on asset buyers to adhere to government strategies on infrastructure projects, rather than acquiring “frivolous baubles” like football clubs and entertainment companies.