A Vancouver company hopes to tap into the lucrative Chinese beer market by entering into a joint venture with Calgary’s CRAFT Beer.
Vancouver’s First Growth Holdings Ltd. will be funding 85 per cent of the partners’ first restaurant in China, which is set to open in Shanghai later this year. This will be the first of five restaurants the two companies plan to open in China.
“We have researched the beer culture in China thoroughly, and we know there is nothing like CRAFT Beer there,” First Growth president Paul Guedes said.
“We are thrilled to bring CRAFT Beer into China, which is the largest beer consumption market in the world.”
In addition to having two restaurants in Alberta, CRAFT has a location in Vancouver’s Olympic Village in the iconic Salt building. At 13,000 square feet and with 350 seats, it is one of the largest drinking venues in the city.
This restaurant was the subject of some controversy when it set up shop in 2013. At the time, some Olympic Village homeowners lobbied the city to stop CRAFT from opening. These owners were fearful that the restaurant would devalue their properties and act as a deterrent to potential unit buyers.
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— with files from Glen Korstrom
