Xiangeqing buys stake of TV content producer

High-end restaurant chain operator Beijing Xiangeqing Group Co announced Thursday that it has agreed to buy a 51 percent stake in a TV content producer, according to a statement on Shenzhen Stock Exchange.

The acquisition proposal is valid under the condition that the TV content company's net profit in 2014 is no less than 50 million yuan, Xiangeqing said.

Xiangeqing has been hit hard by the government's anti-extravagance campaign and the company has been trying to diversify its business scope.