Hopes remain high for Hong Kong to become a regional hub but insiders say the city still lacks necessary infrastructure
In Financial Secretary John Tsang Chun-wah's maiden budget speech, he acknowledged the growing popularity of wine and set in motion plans to help the wine industry.
In his February budget, Mr Tsang eliminated all duty on alcohol, except spirits. That decision made it less costly for importers, and consumers benefited by price reductions.
However, there are other benefits including the creation of more jobs. In addition, Hong Kong had its first wine auction in 10 years last month with auction house Bonhams.
According to Carson Chan, Bonhams Hong Kong managing director, people are willing to pay more for quality wine now than they were in the past.
'The abolishment of the wine duty means that consumers are able to afford better quality, more refined wines than before. Wine appreciation and drinking has spread to a younger generation of wine lovers in recent years.
'They are passionate about wine and are interested in learning all about it. They are also getting sophisticated in their tastes,' Mr Chan said.