Sun, Dec 02, 2012 - Page 14 News List

Chinese buys top French vineyard in landmark deal

AFP, BORDEAUX

“They don’t make the prices shoot up like in Gevrey Chambertin,” he said. “Prices have remained stable.”

The controversy in Burgundy was fueled by the fact that Macau gambling executive Louis Ng outbid a group of local investors. Inflation in land prices is a sensitive issue because of the impact it has on inheritance tax and, as a consequence, the ability of families to pass vineyards down to the next generation.

“Bordeaux vineyards have always been open to foreign investors,” Olivier said. “There have been trends — the English, Belgians, Americans, Japanese, insurance companies, banks, which have purchased chateaux. Today, it’s the Chinese.”

“What is different is that it’s in such a short period. They’ve purchased 30 estates in two years. That’s something,” he said.

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