Following local reports on Friday, China Resources Breweries confirmed today that it would be acquiring a brewery in eastern China. CRB is 49%-owned by SABMiller and this will represent its fourth acquisition in China this year.

The brewer will now buy a 70% in Zhejiang Xiling brewery.

The deal will see CRB build a new brewery to replace the existing one, for a total investment of Y220m (US$26.6m).

CRB added that it would continue to acquire next year.

Talking to Reuters Francis Kwong, executive director at China Resources Enterprise Ltd - the other stakeholder of CRB - said:  "There are opportunities in the market, but there are fewer big brewers in the market now."