Chinese firm buys Chequers' local pub after President Xi's visit

First (Other OTC: FSTC - news) it was House of Fraser, then it was Hinkley Point - now the local pub for Britain's Prime Ministers has become the latest UK asset to be snapped up by Chinese investors.

The Plough at Cadsden - which last year hosted a visit by David Cameron with Chinese President Xi Jinping - has been sold to Sinofortone Investment for a reported £2m.

Sinofortone has designs on building the Buckinghamshire pub into an international brand and cashing in on the new thirst for British pub life in China - the world's second-biggest economy.

The Plough has already become a favourite with Chinese tourists after President Xi's trip for a pint and fish and chip supper with then prime minister David Cameron.

The visit also prompted a surge in sales to China of Greene King IPA, the pint supped by President Xi on that occasion.

Thanks to its location close to the Prime Minister's official country residence at Chequers, The Plough has seen a succession of top political visitors over the years.

Less auspiciously, it was also the pub where Mr Cameron accidentally left his daughter Nancy following a Sunday drink in 2012.

Sinfortone approached pub and restaurant agents Christie & Co about buying The Plough.

The Chinese firm's managing director, Peter Zhang, said: "The English pub concept is growing very fast in China, and it's the best way culturally to link people from different countries and build friendships.

"We see bigger opportunities, namely countries lying between China and Europe in where we believe we could also export the UK brand internationally."

Neil Morgan, managing director of pubs and restaurants for Christie & Co, said the pub "has become quite a tourist attraction for Chinese visitors… who are keen to sample the classic British food and beer that the President tried".

It is the latest Chinese swoop for a UK business after rather larger scale deals including the £1.4bn purchase of UK travel website Skyscanner for £1.4bn by China's Ctrip.com.

In 2014, China's Sanpower bought department store House of Fraser.

Elsewhere, China is a major investor in the new nuclear plant to be built at Hinkley Point.

The pub purchase is not the first investment by Sinofortone in the UK.

Last year it said it would put £100m into an entertainment resort to be built by US film studio Paramount.