Date£º
2014-04-14 09:44 Source£º
www.abc.net.au Author:
Kate Hill/Elise Fantin Translator:
Coonawarra family business Hollick has announced a chinese company has made a major investment in the company.
Hong Kong Yingda now has a majority stake in the business, but the Hollick family including founders Ian and Wendy, still have significant shares.
"The Hollick family is still widely involved," said Mr Hollick.
He said there had been very limited interest in the business within Australian borders.
"There were a few bargain hunters, but we're selling a good brand and a good business," he said.
"We had very strong interest from the Asian area where wine is becoming more and more of a focus."
Mr Hollick said the purchasers were a very large group with significant developments in tourism and hospitality, including a chain of five-star hotels.
Mr Hollick said he had visited China last week and saw Hollick-brand wines already featuring in the company's hotels.
"There's a fascination with Australian wines over there, mainly reds, although I can see a potential semi-sweet white market developing," he said.
"I think the Chinese have woken up to the fact that Australia is ahead of the pack when it comes to wine."
The deal could see the winery purchase more local grapes to keep up with Chinese demand, although Mr Hollick said this week, it was 'business as usual'.
He said local staff would keep their jobs but also benefit from a cultural exchange between the two countries.
"Everything is going to keep running exactly as it is at the moment," he said.
"The big difference will be we get immediate distribution reach into the very important Chinese wine market."