Chinese company Longhai buys Bordeaux chateau January 29, 2008
Jane Anson in Bordeaux
A Chinese trading company has bought Chateau Latour-Laguens in Entre-deux-Mers – the first Chinese purchase in Bordeaux.
The 60ha property in Saint Martin de Puy, 50km south of Bordeaux centre, has 30ha under vine.
It bottles its reds under AOC Bordeaux Superieur and produces 160,000 bottles per year, a large proportion of which is now expected to be exported to China.
The price Longhai International, based in Qingdao, paid for the property has not been disclosed.
The average price per hectare in this southern part of Entre deux Mers is between €18,000-20,000 per ha, among the lowest in the region and one of the areas most affected by drops in land value from the recent wine crisis.
Daniel Carmagnat, of property agency A2Z who were handled the purchase, told local newspaper Sud Ouest, 'The attraction wasn't the appellation itself, but a foothold in one of the most prestigious wine regions in the world.'
Qingdao, a region between Beijing and Shanghai, has a rapidly growing wine centre, with several vineyards, as well as a history of beer production.
According to its website, the company already imports wines from Australia and South Africa into China, and is now looking to further expand its operations in France.
The purchase was completed on 24 January 2008. Current owner Serge Laguens declined to comment.
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