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

In response to reports that Real Madrid has bought 49 percent of the Chinese club Beijing Guo'an, the club wants to make it clear that it has not acquired a stake in any teams.

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 has made pre-season tours to the Far East the last two years and is planning to do so again this year, is keen to boost its profile in the lucrative Asian market.

Source: CRI News