Yanjing seeks foreign buyer for strategic 20% holding

Beijing Yanjing Brewery Co, China's third-largest beermaker, plans to sell about a 20 percent stake to a foreign strategic partner, according to people with knowledge of the matter.

The company, which is backed by the Beijing municipal government, has reached out to potential investors including overseas brewers, two of the people said.

The stake could be valued at about $700 million based on Yanjing's current share price, according to data compiled by Bloomberg.