To decide to buy a winery in China today, thinking it offers rich returns, is not the reasoning of a sober person.
“Opening a vineyard is the easiest way to go bankrupt,” jokes KK Cheung, a Hong Kong manufacturing and real estate businessman who owns Puchang Vineyard in Turpan, an arid city that once served as a trading point along the Silk Road, in the western Xinjiang region.
“Wine is a luxury product. It takes a long time to cultivate,” he adds. Like many small winemakers in China, Cheung made his fortune during the country’s economic boom before turning to wine. He used his wealth to finance the huge upfront costs of establishing a winery.
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