HK wine market may continue to boost

HONG KONG, Mar. 14, 2010 (Xinhua News Agency) -- The wine market in Hong Kong, which developed rapidly in the past two years, may continue to boost, with its role as a "transfer station" for wine imports of Chinese mainland highlighted, said Jacky Cheung, the president of the Wine Association of Hong Kong during Wine Expo 2010.

The 6-day event, which opened in Kowloon's shopping mall on Friday, included an interesting cocktail-making competition on Sunday, inviting public to taste fine wine, pricing from 20 to above 1,000 HK dollars, presented by about 16 wine dealers.

"Along with the expansion of the market, there are about 700 to 800 wine merchants dealing business now, almost doubling the figure two years ago," said Cheung, whose own company also attended the expo.

Wine imports in Hong Kong, soaring by 80 percent year on year in 2008, reached 4 billion HK dollars with an annual increase of 41 percent in 2009, according to statistics released by the Hong Kong Special Administrative Region.

It also announced that Hong Kong has already become the second largest wine auction center in 2010, surpassing London and trailing only New York.

"Hong Kong's wine market will keep its pace forward," said Cheung, who expected a total of more than 5 billion wine imports in HK this year.

Besides, Hong Kong's role as a "transfer station" for Chinese mainland wine imports will not be underestimated, said Cheung. Up to now, about 40 percent of foreign wine is imported into the Chinese mainland across Hong Kong.