Hong Kong Wine Economy on the Rise
Let’s count the wine money coming into Hong Kong.
There’s nothing wrong with Hong Kong’s wine economy – in fact, it’s soaring! In the first nine months of 2009, HK$2.71 billion in revenue was brought in, representing a huge jump of 41% from 2008. The sales totals from fourteen wine auctions in the past year have reached HK$496 million. With numbers like this, Hong Kong could become the world’s second-largest market for wine auctions.
Famous auction houses like Christie’s International and Sotherby’s are definitely interested in Hong Kong’s wine market. Christie’s has noticed a demand for the highest-quality wines in the city, and Sotheby’s reports that Hong Kong has moved past London to become their second-biggest market. Many wine-centric businesses in the city have been upgrading and expanding to meet the huge demand.
The Hong Kong government is highly supportive of the growth in the wine market, lessening duties on imports to enrich the growing economy. Rita Lau said the government is helping the industry develop, in partnership with the Hong Kong Quality Assurance Agency, a certification scheme whereby wine storage facilities meeting certain required standards will be accredited.
“The scheme is expected to be launched before the end of the year. It will first cover wine storage facilities, with possible extension to other logistics facilities such as vehicles later,” Mrs Lau said, adding that the government is working on various fronts to enhance the further development of Hong Kong as a regional hub for wine trading and distribution.
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