It is never too late to celebrate the New Year even if we are in February. This article is a long over-due one since my previous write-up was posted last year. Well, I hope like wine, my writings do mature with age & years, and gain value over time.
One of the hottest businesses in Hong Kong now is wine. Thanks to the heavy push by our Chief Secretary, the wine business gained rapid growth over the past few years. It was also rightfully timed with the quick emergence of the bourgeois class in China who become more attuned to western delicacies.
Driving Hong Kong wine sales is a law enacted in 2008 that wiped out the 40% import tax on wine, which was already a reduction from 80% compared to a year earlier. On the contrary China levies a 48% import tax on wine, making it good sense for the rich to keep their Chateau Lafite Rothschild in Hong Kong prior to fancy drinking it in China. No wonder wine cellars are expanding. Crown Wine Cellars just finished constructing the first phase of a new wine storage warehouse near the mainland border that can eventually hold 300,000 cases.
Hong Kong has surpassed London & New York to become Sotheby’s most important wine auction market, registering a growth of 75% in 2009 vs. the previous year. Sales valued at over USD50Mn.
One of the hottest businesses in Hong Kong now is wine. Thanks to the heavy push by our Chief Secretary, the wine business gained rapid growth over the past few years. It was also rightfully timed with the quick emergence of the bourgeois class in China who become more attuned to western delicacies.
Driving Hong Kong wine sales is a law enacted in 2008 that wiped out the 40% import tax on wine, which was already a reduction from 80% compared to a year earlier. On the contrary China levies a 48% import tax on wine, making it good sense for the rich to keep their Chateau Lafite Rothschild in Hong Kong prior to fancy drinking it in China. No wonder wine cellars are expanding. Crown Wine Cellars just finished constructing the first phase of a new wine storage warehouse near the mainland border that can eventually hold 300,000 cases.
Hong Kong has surpassed London & New York to become Sotheby’s most important wine auction market, registering a growth of 75% in 2009 vs. the previous year. Sales valued at over USD50Mn.
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