My TakeMy first Lafite wine courtesy of President Xi Jinping

I have President Xi Jinping to thank for tasting my first Chateau Lafite Rothschild last week. Like most Hong Kong guys brought up on a heavy diet of triad movies, I was of course very familiar with the label, although I know absolutely nothing about wine.

Practically every gangster movie in the last 20 years must feature a scene in which a big brother orders a Lafite in a nightclub. Common scenarios include forcing a reluctant heart-of-gold hostess to drink it, downing a whole bottle himself, and/or smashing a full bottle on the head of a rival crime lord.

Fortunately, I was not dining with crime bosses, but with a beautiful tai-tai, her close French friend and a couple of her local pals. My wife and I used to walk our dogs together with her in the same dog-friendly garden. That was how we met. Otherwise, her social circles are way out of my league.

An astute investor, my tai-tai friend made a killing with a whole range of Rothschild wines, that is, until Xi started seriously to crack down on corruption - and to take down rivals.

In the past two years, she figures her remaining Lafite collection has lost a quarter to a third in value.

Why? These days, state banquets practically have to order McDonalds. Even Li Xiaolin, daughter of former premier Li Peng and head of Hong Kong-listed China Power International Development, now has to wear plain labels. Previously, she had a penchant for luxury brands such as Chanel and Emilio Pucci.