Role of Hong Kong as Wine Distribution Set To Expand

HONG KONG — Hong Kong was on target to become the biggest wine auction center by the end of the year, said Rita Lau, Hong Kong's Secretary for Commerce and Economic Development, on Saturday.

Speaking on a radio talk show, Lau said since the import tax on wine was waived in 2008, Hong Kong has replaced London as the world's second largest wine auction center. The industry was confident it would overtake New York as the biggest wine auction center by the end of the year.

According to Lau, the number of wine shops in Hong Kong has risen by more than 500 in the past two years, while more than 45,000 people are involved in the wine-related industries such as retailing and logistics.