{"id":14417,"date":"2012-11-12T18:11:38","date_gmt":"2012-11-12T18:11:38","guid":{"rendered":""},"modified":"2012-11-12T18:11:38","modified_gmt":"2012-11-12T18:11:38","slug":"Hong-Kong-becomes-world-s-largest-wine-market","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=14417","title":{"rendered":"Hong Kong becomes world’s largest wine market"},"content":{"rendered":"

Hong Kong, whose name means “fragrant harbor,” has become the world’s largest wine market, surpassing both New York and London.<\/strong> The rise can be attributed to the absence of taxes on wine products and increased interest from Chinese buyers. <\/p>\n

Sotheby’s conducted a satisfying US$8 million in wine transactions in Hong Kong last month.<\/strong> The city has become the most important wine market for the UK-based auction house. <\/p>\n

Auction sales of wine in Hong Kong have reached US$14.3 million so far this year, the local Sing Tao Daily quoted Sotheby’s as saying.<\/strong> Asian buyers accounted for 99% of total buyers in a two-day auction in Hong Kong last month, the auction house said. <\/p>\n

New York and London, considered the global hubs of the wine trade, only reported sales of US$10.5 million and US$8 million respectively as of Nov. 11. <\/p>\n

Christie’s meanwhile said that Asian buyers only accounted for 7% of total buyers at auctions in New York, London and Hong Kong in 2008 but the proportion had climbed to 61% by the first quarter of the year.<\/strong> <\/p>\n

John Tsang, Hong Kong’s financial secretary, said sales of imported wine reached US$1.2 billion in 2011 from US$200 million in 2007, the year the tax-free policy was introduced.<\/p>\n

Source AP<\/em>
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