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
Add BT as a preferred source
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.
Share with us your feedback on BT's products and services
TRENDING NOW
Singapore developer in limbo after Timor-Leste scraps major township project
Troubled platform UCars founded by group of dealers wound up on S$4 million debt
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
That ‘cheap’ Malaysia condo could cost Singapore buyers far more than they think
