Fosun Invests in Dumpling Joint Made Famous by Xi
A state-owned dumpling restaurant chain, which made headlines after President Xi Jinping dropped by for lunch in 2013, has secured an investment from private conglomerate Fosun International Ltd.
The investment has been touted as an example of mixed-ownership reform, a national effort to reinvigorate the sluggish state sector by introducing private capital.
Beijing-based Qing-Feng Catering Management Co. Ltd., which serves steamed buns and other local dishes, has received more than 92 million yuan ($13.5 million) from four parties, including Fosun unit Shanghai Fosun High Technology (Group) Co. Ltd., the official People’s Daily reported on Wednesday. The report did not state how much Fosun’s subsidiary invested.
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