China’s thirst for Bordeaux wine is extending to the region’s vineyards. Cofco, the state-owned agribusiness conglomerate, this week bought Chateau Viaud, a 20-hectare Lalande-de-Pomerol estate in Bordeaux.

The deal, for an undisclosed sum, follows a handful of similar acquisitions aimed at giving China – which last year overtook the UK and Germany to become the top export market for Bordeaux – the means of production as well as consumption. Vendor Philippe Raoux, who owns La Winery, a tourism complex in Bordeaux, told the Financial Times the Chinese were also buying Bordeaux culture and expertise. “They want to understand how we make wine in Bordeaux and to defend it in China – they are thirsty for our wine culture … The art de vivre à la fran?aise, the chateaux, luxury – these are things the Chinese don’t have, so it’s about more than a bottle of wine.” Cofco, which could not be reached for comment over the Chinese New Year holiday, owns Great Wall, a domestic winemaker. But analysts say there is a premium attached to Bordeaux and French wines in general. In 2009, China’s wine imports from France rose 55 per cent, according to data consultancy Euromonitor, while those from Chile were flat. “French wine is perceived as premium,” says Marlous Kuiper, Euromonitor’s head of Alcoholic Drinks Research. “That’s why auctions of Bordeaux do so well; and why people drinking outside the home like to be seen drinking imported rather than domestic brands.” The deal also plays to a broader desire by China to “backward integrate” and secure supply of resources. Vineyards are a relatively easy quarry – although it took two years of negotiations with the vendor before Cofco secured its chateau. Because negotiations began shortly after the collapse of US investment bank Lehmans, which sent asset prices reeling, Cofco probably secured a good deal, bankers reckon. “It’s probably a good deal and Chinese are very comfortable owning something hard and tangible like agricultural land,” says Jack Perkowski, a Beijing-based investment banker. Alexander Hall, director of Vineyard Intelligence, a Bordeaux-based consultancy, said Chinese buyers want prestige brands. But they are unable to find property in Burgundy or Champagne where vineyards are tightly-held and tend to be divided into small allotments. “In Bordeaux you still have the prestige and you also have 20-40 acre estates with chateaux allowing you to receive people,” he said. Mr Hall said long-standing economic difficulties facing smaller Bordeaux vineyards had been exacerbated during the recession. “There are a lot of people who would be sellers but who don’t think there will be buyers,” he said. Mr Raoux, however, does not see mass Chinese purchases, pointing out that of the 8,000 Bordeaux chateaux, only four have been sold to Chinese. Analysts and drinks makers warn that China is still more a land of potential than sales. Euromonitor notes that per capita consumption, at 1.1 litres last year, is a far cry from western Europe’s 23 – and even further from top-ranking Portugal’s 44. The latest deal offers more than a helpful toehold for Cofco. Mr Raoux’s son will spend a year working for Cofco in Beijing – a neat reversal of the trend for the sons and daughters of Chinese officials to be interns at Wall Street investment banks. It is a sign that perhaps savoir faire is not just a one-way street.