FRANCE: Chinese wine investor buys Bordeaux Chateau Richelieu
Another Bordeaux wine chateau has been snapped up by Chinese buyers after Hong Kong A&A announced it has purchased a majority stake in Chateau Richelieu.
The move, announced at the start of Vinexpo yesterday (21 June), comes after Latour-Laguens was sold in January last year to the Longhai International Trading Co.
No price was revealed for the 17-hectare Chateau Richelieu deal. The chateau, in the Fronsac region near Bordeaux, produces about 70,000 bottles a year.
Financial advisors to Hongkong A&A, MK Finance, said the purchase was a response to the strong demand for Bordeaux wines in China. The new shareholder said it would take responsibility for development and distribution in Asia.
"It is not impossible that we double production in the coming years," said Arjen Pen, managing shareholder of Hongkong A&A at a press conference yesterday. In the press statement the company said it would buy more land for planting, and continue to develop the Bordeaux wine sector which it said was 'in crisis'.
The thirst for fine wine continues in Asia, where auction house Christie's has achieved its highest sale in Hong Kong since relaunching auctions there more than a year ago....
Hong Kong has overtaken established rivals London and New York City to become the most lucrative venue for fine wine auctions, according to top auction house Sotheby's....
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