New York-based China Food and Beverage Co. is banking on a growing thirst for beer in China with its most recent acquisition. This week the holding company announced the $21 million acquisition of Victoria Beverage Co. Ltd., which owns a 55% interest in Anhui Haodun Beverage Co. Ltd. of China. According to China Food's Web site, beer consumption in China is about half that of the U.S., but is expected to exceed U.S. annual consumption by 2003. The company also says China is "fast becoming the world's largest consumer market as its middle-class has expanded to more than 200 million, and spending on consumer goods has surpassed $300 billion annually." China Food and Beverage Co. trades on the OTC Bulletin Board as CHIF.