China's century-old food company Goubuli was sold Monday to another famous drug maker Tongrentang for 106 million yuan or 12.8 million US dollars. (Photo source: baidu.com)

    BEIJING, Feb. 28 -- China's century-old food company Goubuli was sold today (Monday) to another famous drug maker Tongrentang for 106 million yuan or 12.8 million US dollars.

    General manager of the Tianjin-based traditional food operator Zhao Jiaxiang said the move is to introduce a new mechanism into the company and enhance the traditional brand.

    The total assets of food chain group is about 117 million yuan, or 14 million US dollars. Its 2004 revenue is about 75 million yuan, up by nearly 30 percent.

China's century-old food company Goubuli was sold Monday to another famous drug maker Tongrentang for 106 million yuan or 12.8 million US dollars. (Photo source: baidu.com)

    General manager of the Tianjin-based traditional food operator Zhao Jiaxiang said the move is to introduce a new mechanism into the company and enhance the traditional brand.

    Established in 1858 as a bun-seller, Goubuli, which literally means "dogs won't touch dumplings", is now operating in hotels, restaurants, and fast food outlets.

    (Source: CRIENGLISH.com)