Catering company turns to cultural industry

High-end restaurant chain XE Flavor Group plans to turn into a cultural industry after it suffered a loss of 560 million yuan ($91 million) in 2013.

The Beijing-based company plans to acquire 51 percent of shares in Beijing CCTV Splendid Film and TV Corp Ltd, at a cost of 20 million yuan, according to a company statement.

XE Flavor said the expected acquisition is part of its attempt to transit from the catering industry, which has suffered from a government anti-extravagance campaign. The company has also made efforts to become involved in environmental industries.