Chinese investors are seeking wineries outside of France with tech entrepreneur William Wu buying a controlling stake in the Swartland Winery in South Africa.
As reported by Bloomberg, Wu, who has lived in South Africa since the ‘80s, has acquired a 51% share in the winery in the country’s trendy Swartland region for an undisclosed sum.
Wu will be made chairman of the 64-year-old winery in Malmesbury, which produces 24 million bottles of wine a year from grapes sourced across 3,600 hectares.
“The market is in China where I have a ready demand for the quality and volume of wine Swartland produces,” Wu said in the statement.
Having originally favoured the classic Old World regions of Bordeaux and Burgundy, Chinese investors are developing a thirst for South African wineries.
In addition to the Swartland Winery, Wu has a stake in Veenwouden winery in Paarl. He is keen to focus on red wine production to cater to Chinese palates.