Legend Holdings Ltd signed an agreement with a county government in Henan province to develop a kiwi fruit business, the first agricultural program revealed by the group, the Beijing Morning Post reported on Dec 25.

Beijing Huaxia Liancheng Fruit Co Ltd, a subsidiary company of the group, will invest its first 150 million yuan ($24 million) in planting and then seek market share at home and abroad. The kiwi fruit carried by the group will be at least 50 percent less expensive than those of global brands of the same quality.

The paper said the kiwi fruit planting area in China accounts for 60 percent of that in the world, and its production is 40 percent of the global total. But the value of kiwi fruit in China is only 3 billion yuan, 8 percent of the global total, which means the investment opportunity in China has great potential.

For more about Legend Holdings

Legend Holdings eyes overall listing

Legend steps towards building wine empire

Legend Holdings buys famous liquor company