CVC Capital Partners Asia Pacific, a buyout fund partly owned by Citigroup Inc, is set to pay 1.65 billion yuan (US$213 million) for a controlling stake in a Chinese bottle maker, the company said on Saturday.

CVC Capital will buy a 29 percent stake in Zhuhai Zhongfu Enterprise Co from Zhongfu's parent, Zhongfu said.

The fund paid 8.27 yuan a share, 20 percent more than the market price.

Zhongfu's shares have more than doubled this year.

The Carlyle Group, 3i Group Plc and other oversees buyout firms are investing in China to take advantage of economic growth averaging 10 percent in the past four years, Bloomberg News reported. China's annual private equity transactions may increase as much as five times to US$10 billion in the next five years, according to Los Angeles-based Oaktree Capital Management LLC.

"Introducing foreign strategic investors can help the company absorb international management skills," said Zhongfu, based in the southern city of Zhuhai.