Chinese millionaires selling French chateaux impacts economy

Chinese millionaires are selling their French chateaux and vineyards, which is hurting France's economy. Many wealthy investors from China bought these properties in the early 2000s, during a time when Bordeaux wine was very popular in China. Beijing became the biggest market for French wine, with millions of bottles shipped each year. However, many of these investors are now giving up on their French properties. For example, Daisy Haiyan Cheng bought Chateau Latour-Laguens in 2008 for £840,000, but has put it back on the market for just £126,000. Currently, around 50 similar chateaux are for sale. Another investor, Chi Keung Tong, changed the names of his properties to appeal to Chinese buyers but has also sold them back to local investors at a loss. Reports suggest that many of these Chinese buyers did not fully understand the complexities of winemaking and vineyard management. They often rushed the process, leading to poor results. COVID-19 worsened the situation, with wine consumption in France dropping significantly over recent years. Despite this trend, some Chinese investors continue to take winemaking seriously. For instance, Zhang Rong at Chateau des Chapelains creates award-winning red wine. Jack Ma, the founder of Alibaba, also produces high-end vintage wine at his estate, Chateau de Sours.