China to have 'huge' impact on Bordeaux 2009
Hong Kong's zero tax system has seriously affected the distribution market for fine wines such as Pichon Lalande and Cos Estournel, it has been revealed.
Speaking to Wine Spectator at the recent Vinexpo, export manager for Yvon Mau Bruno Finance said new companies are able to buy fine wine free from any import duties, compared with 50 per cent duties paid by mainland Chinese merchants.
There are also fears that demand from Asia may not translate into real consumption, creating a speculative bubble.
"I was very surprised to see some retailers from the US and Europe here to negotiate allocations from the chateaux to resell to the Chinese," Mr Finance told the magazine.
"So obviously China will have a big, big impact."
Vinexpo began in Bordeaux in 1981 and has grown from 524 exhibitors and 11,000 visitors at the launch event to 2,400 exhibitors and more than 45,000 visitors last year.