One of Australia's largest wine retailers, Woolworths Liquor Group, has acquired the Summergate wine import business in China for an undisclosed fee.
Chinese wine drinkers can expect to have better access to Australian wines in the next few years after China agreed to abolish tariffs on imports as part of a trade deal.
China’s Singles Day, also known as ‘double 11’, has made November as important as Mid-Autumn festival and Chinese New Year for wine retailers, according to leading distributor ASC Fine Wines.
Christie's has high hopes for the future of fine wine auctions in Mainland China after selling several lots of Domaine de la Romanee-Conti at its second Shanghai sale.
China may be importing fewer bottles of top Bordeaux, but its wealthy individuals were among the most prominent buyers of rare Burgundy wines at a recent Sotheby's auction in London.
Weakening demand for wine in China and an unusual import restriction have taught Australian wineries to tread cautiously in the country.
Sotheby's has sold a 114-bottle 'super lot' of DRC Romanee-Conti wines for more than US$1.5m in Hong Kong, reinforcing collectors' thirst for top Burgundy and setting a new auction record.
Weaker consumer demand in Mainland China has damaged French wines and spirits exports in the first half of 2014, with Bordeaux chateaux hit hardest.
Tuscany is the latest wine region to see rising interest from Chinese investors keen to acquire overseas vineyards, according to the Chianti Classico trade body.
Global auction house Sotheby's is expanding its wine retail business to Hong Kong, shrugging off concerns about slower demand for top Bordeaux in Mainland China.