It did not take long. No sooner did Hong Kong abolish import duties on wine, than some well-heeled residents decided it was time to own a European vineyard. What's more, Chinese and Singaporean investors want one too.
Joel Palous, a proprietor of AIM Vineyards, a London-based company that helps investors buy and manage vineyards across the world, said: 'I have three Chinese clients, three Hong Kong and two Singaporeans looking, compared to none last year.'
They are not alone. Wine Investment Society Hong Kong is looking for vineyards that its members can invest in collectively.
France has generated particular interest. Karin Maxwell, a sales director at Maxwell Properties, said her company had three Hong Kong clients wanting Bordeaux vineyards. Twelve months ago there was no Hong Kong interest.
One investor has already bought. Longhai International Trading bought a vineyard in Bordeaux earlier this year. The 60-hectare Chateau Latour Leguens estate has 30 hectares planted with vines producing mainly red wine. Longhai imports wine to the mainland and Hong Kong, so the Cheng family which runs the company wanted to include their chateau's produce in these sales.
China's wine traders are buying twice as much of the best brands this summer than at this time last year, because they expect demand to soar during the Olympics. The country entered the top 10 of Bordeaux wine importers last year.