Xiangeqing to grow overseas

High-end restaurant chain Beijing Xiangeqing Co Ltd announced further investments in an overseas expansion drive, as worries over domestic business are mounting.

"We are planning to inject $20 million in our Hong Kong branch, mainly to invest in stores in Australia, and we're readying funds to set up Chinese food restaurants in the United States," it said in a statement.

The company also released its first-half financial results. It reported a drop of 38 percent year-on-year in revenue to 427 million yuan ($69.77 million).