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Chinese investment company snaps up French wine estate

cncc.bingj.com by 27/07/2017  

The estate comprises the 15th century chateau and 25 hectares of land, of which 6.5 hectares are planted with Cadillac Cotes de Bordeaux vines, the statement said. The buyer was identified as Profitsun Holdings (Hong Kong), which also bought the estate’s stock of wine, it said. The purchase price was not disclosed.

Investors from China have bought more than 100 Bordeaux wine estates since starting to focus on the area in 2010, seeking both access to supplies of wine for the growing Chinese domestic market and also historic properties that can be used to expand wine tourism.

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The sellers were the Emmanuelli family, which bought Chateau Fauchey in 2010, converted it to organic farming by 2013 and established a guest house business on the property in 2014. Profitsun intends to build on that business and distribute the wines to members of its clubs located mainly in Beijing, Shenzhen and Hong Kong, according to the statement.

The transaction follows other similar deals in Cadillac Cotes de Bordeaux. In January 2015, Chinese entrepreneur James Zhou bought Chateau Renon in Tabanac, while in December 2014 Hangzhou-based New Century Tourism Group bought Chateau de Birot, a 34-hectare property with an 18th century mansion and 25 hectares of vines, from the Fournier-Casteja family.

While Chinese buyers have generally focused on mid-tier properties typically selling for less than 1 million euros (US$1.2 million) per hectare, that has supported demand across the region, where the top 150 estates now command prices ranging from 1 million to more than 10 million euros a hectare.