China buys foreign vineyardsThis article was originally published in Foodnews
CHINESE state agro-conglomerate COFCO has moved into buying overseas vineyards, most recently with the acquisition of Bordeaux's Château Viaud for an undisclosed sum. Last September, it paid USD18 million for the Chilean wine group Biscottes. Château Viaud is based in Lalande-de-Pomerol and consists of 20 hectares of prime vineyards. China is the largest export market for Bordeaux and French wine makes up 40% of all wine imported into China. According to VM Group's World Agronomy report, "by purchasing overseas vineyards, COFCO is hoping to develop its domestic business, which is dominated by its Great Wall brand of wine."