Wealthy Chinese toast France's future wines
By Clarence Fernandez |
May 5, 2010, Wednesday
|
Print Edition
Print Edition
A STELLAR 2009 harvest has enticed wealthy Chinese to buy French fine wine futures for the first time, leaving many wine makers optimistic about higher prices and an expanded market.
Wine futures, also known as "primeurs," are wine purchased prior to bottling, while it is still in stored in vats at the wineries, with investors typically paying up about 18 months before bottling, in the hope of appreciation.
"The Chinese people will be on the market for the first time as a big player this year," said Hubert de Bouard, owner of the 24-hectare estate of Chateau Angelus, one of the highest-tier wines from the St-Emilion region of France.
"Usually the Chinese, they buy ... the bottle, but now they are thinking if they don't get into futures they will miss some of the best wines."
De Bouard was among wine makers from Bordeaux who visited Singapore to exhibit their wines at a tasting session attended by nearly 1,000 enthusiasts.
He estimates 40 percent of his annual production is sold in Asia and expects the figure could soon rise to half as Asians sip more wine.
Ideal weather meant perfect grape growing conditions last year, prompting wine expert Robert Parker Jr, whose 100-point scale gives investors an easy way to rank wines, to award scores between 98 and 100 points to some of France's best-known labels.
A weaker euro would make wine investment more feasible for foreigners this year, said Jean-Philippe Delmas, estate manager for Chateau Haut-Brion, a wine many investors usually see as a sure-fire proposition.
"The euro is less stronger than before, so it's good news for us," Delmas said.
Wine futures, also known as "primeurs," are wine purchased prior to bottling, while it is still in stored in vats at the wineries, with investors typically paying up about 18 months before bottling, in the hope of appreciation.
"The Chinese people will be on the market for the first time as a big player this year," said Hubert de Bouard, owner of the 24-hectare estate of Chateau Angelus, one of the highest-tier wines from the St-Emilion region of France.
"Usually the Chinese, they buy ... the bottle, but now they are thinking if they don't get into futures they will miss some of the best wines."
De Bouard was among wine makers from Bordeaux who visited Singapore to exhibit their wines at a tasting session attended by nearly 1,000 enthusiasts.
He estimates 40 percent of his annual production is sold in Asia and expects the figure could soon rise to half as Asians sip more wine.
Ideal weather meant perfect grape growing conditions last year, prompting wine expert Robert Parker Jr, whose 100-point scale gives investors an easy way to rank wines, to award scores between 98 and 100 points to some of France's best-known labels.
A weaker euro would make wine investment more feasible for foreigners this year, said Jean-Philippe Delmas, estate manager for Chateau Haut-Brion, a wine many investors usually see as a sure-fire proposition.
"The euro is less stronger than before, so it's good news for us," Delmas said.
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