Fine wines languish in China warehouses as consumers cool
A faltering economy and the crackdown on graft has wilted demand. Cheaper wines are now the choice
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Shanghai
THE crates of Chateau Brehat wine from Bordeaux had gathered dust for three years in a bonded warehouse on the outskirts of Shanghai before the owners cut their losses in July, slashing three-quarters off the US$50 price tag.
The fire sale was prompted by a huge oversupply of wine that had built up after a swarm of importers jumped at seemingly stellar growth from 2010. China wine consumption, which had been rising in double digits, fell last year and is set to inch up at just over 1 per cent annually until 2020.
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