Chinese investment in Lalande de Pomerol
February 01, 2011 - Aquitaine
Philippe Raoux, owner of Chateau d'Arsac in Margaux and wine tourism complex La Winery, has become the latest Bordeaux winemaker to sell property to a Chinese buyer, Decanter reports.
He last week completed the sale of his 20-hectare Lalande-de-Pomerol estate, Chateau Viaud, to Cofco, a company 100% owned by the Chinese government, following almost three years of negotiations.
The sale price of Viaud was not revealed but one hectare of vines in AOC Lalande-de-Pomerol is worth on average €150,000. However, the estate sale is one small part of a wider business deal.
Besides the purchase of Viaud, Cofco will become distributors of Chateau d'Arsac in China, along with other Bordeaux wines from Raoux's merchant business.
Raoux's objective in selling Viaud is to enable him to concentrate on his other concerns; Château d'Arsac and his wine retail complex, La Winery.
Philippe Raoux opened La Winery in 2007 which is the region's first US-style wine centre, in a bid to tap into the lucrative wine tourist market.
The Cofco Group, based in the Chinese capital Beijing is a broad-based government-controlled group of companies in various industries such as food, oil, import and export, wholesale to hotels and restaurants.
It is also a leading player in the booming Chinese viticulture sector, notably with its brand Great Wall. Fortune magazine lists Cofco as one of the world's top 500 businesses.
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