China's state-backed Beijing Yanjing Brewery is looking to sell a 20% stake to a foreign partner, according to a report.

The brewery, which is reportedly controlled by the Beijing municipal government, has “reached out” to potential investors, including overseas brewers, Bloomberg reported today, citing un-named sources close to the matter. The stake could reportedly be worth US$700m.

Yanjing is the only major Chinese brewer without an overseas partner. China Resources Snow is 49% owned by SABMiller and Tsingtao Brewery is 20% owned by Japan's Asahi Group.

Anheuser-Busch InBev took over Harbin Brewery in 2004, while Carlsberg completed its acquisition of Chongqing Beer Group last year.