Mar. 13, 2012 (China Knowledge) - France-based Chateau Lafite Rothschild, the maker of the world's most expensive wines, on Sunday began construction on its first Asian production base in Shandong
Province, the top wine-producing region in China, sources reported.
Domaines Barons de Rothschild, the parent company of Chateau Lafite, has cooperated with CITIC Group Corp, China's largest state-owned investment company, to build the base with an initial investment of RMB 100 million.
The base, located in Penglai, a city on the easternmost tip of the province, will have 26 Mu, including a winery, a vineyard and other facilities.
China's wine consumption has been increasing over the past years, making the country the world's fifth-largest wine consumer, the sixth-largest wine maker and the eighth-largest wine importer, according to a report by International Wine And Spirit Record (IWSR).
China's wine output rose 13% year on year to 1.16 million litres last year. In the first 11 months of 2011, the country's wine imports soared 88% year on year to US$1.27 billion.