Running out of interesting investment opportunities? Some Chinese investors are moving into French wineries:
Walking among the ancient vines at Château de Malle, De Bournazel said many families struggled to make ends meet. “Nobody sells for pleasure, but you would struggle to find a chateau that wouldn’t sell for the right price. It’s sad, but I’d rather see families sell to the Chinese than tear themselves apart trying to keep a property.”
Rather than being viewed as conquerors, Chinese wine buyers are seen as saviours of the region — last year China overtook both Germany and the UK to become Bordeaux’s biggest customer, with exports growing by 67%. Bernard Farges, president of the Conseil Interprofessionnel du Vin de Bordeaux (CIVB), the body representing its wine growers and buyers, said Chinese investors buying vineyards would boost exports further.
“These are businessmen who believe in their investment, who are opening doors to a new market and ploughing money into properties to make great wine,” he said.
Others argue that the Chinese are simply the latest in a long line of foreign investors — including the Dutch, the English and the Danes — in Bordeaux.
That last part is certainly true: although you may not realize it, many of the wineries in the Bordeaux region have been foreign-owned for generations. The nationality of the foreign owners may change, but the principal is the same.
Of course, regardless of ownership, if the investors don’t maintain the property, they risk ruining their chances of benefitting from the purchase:
Not everyone is supportive of this new breed of Bordelais. Patrick Etineau recently sold Château de la Salle to a Chinese investor amid a storm of acrimony. “I found them very condescending,” he said. “They have the money and they think we are in penury.”
He says since the chateau was sold in January the vines have been left largely untended. “I was happy to sell, because I couldn’t maintain the property, but now I have the impression that they don’t care at all. We used to make beautiful wine, but this year I fear it will only be fit for the pigs.”
