Despite a climate of global economic uncertainty, the market for wine in Hong Kong is as bullish as ever and is growing year on year.
Imports of wine into the former British colony have surged in the first nine months of this year by 57%, up to £600m. The wine is coming from France, Italy, Australia and South America but the real demand is for Bordeaux.
Since the duties on the import of wine were slashed from 40% to zero in 2008 imports have quadrupled. An entire infrastructure has sprung up around the wine trade with the appearance of wine merchants, auctioneers, distributors and storage cellars.
Hong Kong has now over taken London and New York as the pre-eminent hub of the wine trade.