SANTIAGO — China's wine company, Yantai Changyu Pioneer Wine, has signed an agreement with Chile's Bethia group to buy three vineyards in the South American country for over $50 million.

According to the Chilean El Mercurio Daily, the operation will be concluded at the end of June, once the relevant authorizations have been obtained from China.

"Through these acquisitions, Changyu, which has operations in China, France, Italy and New Zealand, wants to increase its presence in the Latin American market through Chile," the report said.

In a statement, Bethia said that it entered the industry in the middle of 2006. "By the end of 2016, the group reached sales of 1.5 million boxes, reaching seventh place on the national level."

Changyu is a large wine company in China, with its origins going back to 1892.