Grape Press: Chinese firm buys majority stake in Bordeaux vineyard
Posted on | June 23, 2009 | No Comments
AFP reports that a Chinese company has bought a portion of Bordeaux vineyard (my highlights):
A Chinese firm has taken a majority stake in a Bordeaux vineyard, the latest move by the emerging Asian giant into the world of French wine, a company who advised on the deal said Sunday.
HongKong A and A International, a holding company, paid an undisclosed sum for the stake in Chateau Richelieu….
The Chinese company has previously specialised in the areas of golf, property and luxury clothing….
The development marks the second foothold gained by a Chinese firm in the French wine industry, after the purchase in January 2008 by property group Longhai International Trading of Chateau Latour-Laguens, also for an undisclosed sum.
What does this mean for China? More Bordeaux in a country where that wine already dominates. Check. Entry in the market by another company that apparently has no background in wine. Check. Even more people in this country drinking wine that doesn’t match most food here and that is usually considered too tannic by newcomers? Check.
With all the cash on hand in China, perhaps this is just the start of a buying spree that will result in one of our April Fool jokes coming true.
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