Chinese luxury goods company Hongkong A&A International has bought a controlling interest in Chateau Richelieu, one of Bordeaux’s oldest estates.
Located in AOC Fronsac, a few kilometres from Saint Emilion, the 15-hectare property traces its history back over 1,250 years old, to the reign of Charlemagne.
‘The Chinese have a great love for Bordeaux grand crus, and of course the current crisis is offering interesting opportunities to buy into this iconic wine region,’ Patrice Klug, president of MK Finance – which organised the sale – told decanter.com.
Klug confirmed the new shareholders plan to increase the property’s production by buying or renting local vineyards over the next few years.
The Dutch co-owner Arjen Pen and his team will remain in place in Bordeaux, while A&A International will oversee sales and distribution to a range of high-end restaurants, hotels and wine bars across China.
The purchase price was not disclosed, but a Bordeaux vineyard expert estimated that a Fronsac estate of this quality should fetch around €200,000 (£171,618) per hectare, which translates to around €3m.
According to Klug, sales of Bordeaux wine in China increased 36% last year, while consumption of all wine rose 15%.
Written by Jane Anson in Bordeaux