Hong Kong's decision to exempt Bordeaux, Burgundy and other wines from tax was a "masterstroke".

The decision to allow wine to be purchased tax-free in Hong Kong has been a huge stimulus for sales of Bordeaux and Burgundy in the region, it has been claimed.

Describing the move as a "masterstroke", Crown Wine Cellars principal Gregory de'Eb told Sify News that it has had a major impact on the way the wine business operates in Hong Kong.

Mr de'Eb claimed that back in 2000, Hong Kong residents were already prolific collectors of Bordeaux and Burgundy, but they traded in the UK and the US.

He told the publication: "Now suddenly Hong Kong, greater China and Taiwan account for 60 to 70 per cent of the merchant's market and we've woken up and said 'Hang on, why are we trading through New York and London?"

Hong Kong's chief secretary Henry Tang Ying-yen recently declared that Hong Kong is ready to overtake New York as the wine auction capital of the world.