NEWS
BUYING FRENZY IN BORDEAUX CONTINUES DESPITE A SLOWING ECONOMY IN CHINA
By Susan Lewis
14-3-2019
Despite that the Chinese economy seems to be slowing, Chinese investor’s appetite for Bordeaux châteaux has no sign of abating. One more winery in the prestigious wine region has just been sold to Chinese investor.
Château de Cadillac-en-Fronsadais has been sold to an Asia-based media businessman identified as Mr Chen, reported Decanter wine magazine's website quoting the deal’s broker Vineyards-Bordeaux.
Mr Chen, an Asian investor in telecoms, media and technology sectors, has bought the château from the Australian Serisier family, said Vineyards-Bordeaux, which is an exclusive affiliate of Christie’s International Real Estate.
The broker said Mr Chen got in touch via Christie’s auction house in China and was keen to continue investing in the property and its vineyards.
“It’s a dream come true for me to become a part of such a privileged history and participate in my passion for wine through such high quality terroirs,” Vineyards-Bordeaux quoted Mr Chen as saying.
The Bordeaux estate is based in Cadillac-en-Fronsadais, Northwest of Libourne, and has been built up by the Serisiers since they acquired an historic house known as Château Cadillac in 2004.
Though Belgians remain the biggest foreign owner of chateaux in Bordeaux, the Chinese are catching up quickly after years of buying frenzy.
According to Conseil Interprofessionnel du Vin de Bordeaux (CIVB), the Bordeaux wine trade organisation, there are about 9,500 wineries in Bordeaux, among them more than 140 have been bought by the Chinese.
These purchases did not happen without controversies in France. Well known French writer Philippe Sollers recently protested to the Mayor of Bordeaux about the exotic Chinese names given to historic chateaux by their new owners.
Generally interested in mid-range châteaux, the Chinese invest on average 10 million Euros in buying Bordeaux domains, exporting more than 80 per cent of the wine produced on their property to China, where a bottle worth much more than in France.
(the writer can be contacted at: SusanLewis@thewinechronicle.com)
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