Fund provides investment opportunity in liquid assets
When the Hang Seng Index was flirting at the 31,000-point level last year it was not uncommon to see punters splashing out easy money on expensive shark fins and luxurious wines.
How times have changed. Today's market is 10,000 points the poorer and gives little cause for cracking open a bottle of Chateau Lafite.
But if you still fancy a tipple, Industrial and Commercial Bank of China could have the answer with a wine fund for its private banking clients.
All proceeds of the fund, which is co-managed by ICBC and CNOOC subsidiary Zhonghai Trust and China Foods (the company behind the nation's most popular Great Wall wines), will be invested in the results of the Navavalley Junding Vineyard's 2006 crop. The wines are due to make their debut in three phases - October this year, then March and June next year.
After 18 months, investors can choose to receive their 8 per cent annual interest in cash or the equivalent in cases of red wine.