Chinese taking interest in Paso Robles wineries
July 24, 2014
Chinese investors have shown increasing interest in the California wine market over the last few years and are now targeting wineries in the Paso Robles region for purchase. [KSBY]
China is now the fifth largest export market for California wines. Templeton real estate broker David Crabtree said that interested buyers from Mainland China come to the Central Coast at least once every other week to examine wineries.
“California wines are very desirable for China, and this area is certainly on their radars,” Crabtree said.
Only about one in 10 Chinese investors whom come to the Paso Robles area to look at wineries end up completing deals, Crabtree said. The investors face hurdles like getting wine through customs and distributing it across China.
But, Chinese investors have snapped up wineries all over California recently, even in the more popular wine region of the Napa Valley. Crabtree said the trend started in 2011.
Other international investors from countries like France and Argentina are also taking interest in Central Coast wine, Crabtree said. International businessmen in the United States, like Stewart Resnick, have already purchased large properties and wineries in the Paso Robles area.
Many of the major deals in the area have occurred as California’s drought has worsened and a push for a water district and water banking in the Paso Robles basin has increased.