New Wine Deal Has Chinese Government Investing Directly In Bordeaux
The sale was part of a larger business deal, Cofco will also distribute Chateau d'Arsac in China, along with other Bordeaux wines from Raoux's merchant business. The company will also bring Raoux's Signe Œnologique (wine star sign) concept to China to use in wine education. Raoux's son Pierre has moved to Beijing to work with the company to create a Bordeaux branded wine aimed specifically at the Chinese market.
Several Chinese companies and families have invested in Bordeaux in the last several years but recently the partnerships have more of a reciprocal nature. As we reported back in 2009, Chateau Lafite Rothschild formed a partnership with CITIC, China's largest state-owned investment company, to develop a winery on the peninsula of Penglai in Shandong province, an area said to be China's Bordeaux.
Interest in wine in China has risen dramatically over the past few years and with its large population and spending power that interest is only expected to increase.