CHINA (Beijing) - An addition to our article "China forces Lafite to take action": The Agence France Press reported in its world news today that the "China International Trust and Investment Company (CITIC)" would be the joint venture partner of Baron Eric de Rothschild. With this, both sides, the Chinese and the French, have laid the foundation for an optimal cooperation with regard to their demands on exclusiveness and quality.
The CITIC - China International Trust and Investment Corporation - (group from the People's Republic of China, which is listed on the Hang Seng Index), a state-owned investment company of the People's Republic of China, was established in 1979 with the support of Deng Xiaoping. The founding father Rong Yiren, who was born in 1916 and died in 2005, was a Chinese businessman and politician. He was the ex- vice-President of the People's Republic of China from 1993 to 1997. In 1999, he was listed as the richest Chinese businessman by the Forbes magazine. Rong Zhijian, Rong's successor as chairman, has been managing the global enterprise since 2006.
The aims of the state-owned enterprise CITIC mainly are to bring foreign capital and technologies to China, and to pave the way for scientific international practices in Chinese management. The CITIC includes 50 subsidiaries among which the CITIC Pacific and CITIC Bank are the most popular.
With this partner on his side, baron Eric de Rothschild could succeed in producing wines in China and could also consolidate the position of his enterprise worldwide. "I am very pleased to cultivate vineyards and produce wines in a country where the interest in fine wines is increasing every year," said the baron in a press interview and added: "It is particularly exciting to observe the development of an exceptional Chinese Cru. I am very glad about this."
None of both Chinese- French partners provided information on internal matters concerning the cooperation, neither on the corporate structure nor on investments. We will continue reporting in this matter. (aw.yoopress / translator e.meissner)