The two controlling shareholders have appointed a group of directors including Zhong.
DCP’s investors include Singapore’s GIC, state investor Temasek as well as Canadian public pension fund CDPQ.
A planned Hong Kong initial public offering (IPO) for the Asian business could raise up to $5 billion for the heavily indebted brewer.
Hansoh Pharmaceutical had initially looked to raise up to $1 billion.
The move by VW is the latest by foreign automakers to boost ownership in the world’s biggest car market since Beijing relaxed rules last year.
The five-year old company has decided to put off those plans as it is not ready to go public.
The fundraising comes at a time when China this week cut subsidies to battery electric cars.
The private equity firm is learnt to be moving towards first-close of the fund late in the second quarter.
The sale move comes at a time when China’s wholesale and retail sectors are experiencing disruption from e-commerce players.
The three-year-old arm of Chinese conglomerate Fosun will launch at least 11 new resorts in the coming years under the French brand.