Yantai cultivates overseas growth to avoid red marks

Leading winery Yantai Changyu Pioneer Wine Co Ltd is shifting its focus overseas, with plans to buy foreign vineyards and increase wine imports.

The domestic wine industry has sustained a double blow from imported wines and a government crackdown on extravagance, so Changyu will look abroad to boost its profits.

Changyu is one of the top three Chinese wine producers, which together account for about 70 percent of the market.