Hotel owner New Century Tourism Group has officially become the owner of 37-hectare Chateau de Birot in Cadillac Cotes de Bordeaux.
Estate agency Maxwell Storrie Baynes, which is affiliated to the real estate arm of Christie’s, announced that the sale of Beguey-based Chateau de Birot was completed at a signing ceremony on 19 December.
The deal marks ongoing Chinese investors’ ongoing interest in Bordeaux wine estates. It also underlines many of those buyers’ preference for properties outside of the most prestigious appellations.
Chateau de Birot has 25ha under vine and was previously owned by the Fournier-Casteja family.
A fee for the Birot deal was not disclosed, but local government figures show that the price of vineyard land in the Cadillac Cotes de Bordeaux appellation in 2013 was between 7,000 and 30,000 euros per hectare.
Prices dropped 23% versus 2012, said the Aquitaine government’s report, based on figures from agricultural land agency Safer.
New Century Tourism Group, which is based in Hangzhou, owns 160 luxury hotels across China and is thought to be keen to develop its new Bordeaux estate as a tourist attraction, as well as a winery.
‘There are strong synergies with hotel and hospitality, which correspond well to our expanding global hotel group,’ said a senior representative for the Chinese firm. ‘We consider it a privilege to be the next custodian of Chateau de Birot and look forward to investing in its future.’
Eric Fournier’s son, Arthur, will continue to run the estate on the Chinese group’s behalf.