Changyu picks up French chateau for $3.5m

Yantai Changyu Pioneer Wine Co Ltd, one of China's leading wine producers, has bought a 90 percent stake in the Bordeaux-based Chateau Mirefleurs for 3.33 million euros ($3.54 million).

Chateau Mirefleurs belongs to French drinks company Castel Group.

The acquisition allows Changyu to gain what is called Appellation d'Origine Controlee, or controlled designation of origin - a quality certification granted to certain French wines, cheese and agricultural products.