Real Madrid keen to develop brand in China

Real Madrid are negotiating with the CITIC Group, China's largest financial conglomerate, to develop the club's brand but have denied buying into a Chinese football club.

"In response to reports that Real Madrid have bought 49 percent of the Chinese club Beijing Guoan, the club wants to make it clear that it has not acquired a stake in any teams," said a statement on the club's website.

Real said they "have been negotiating a collaborative agreement over the past months to develop the Real Madrid brand in China, and to allow Real to help in the development of professional football in the country."

The Primera Liga club, who have made pre-season tours to the Far East the last two years and are planning to do so again this year, is keen to boost its profile in the lucrative Asian market.