Chinese pouring money into wine

He Wei Qi, a businessman from eastern China’s Zhejiang province, says he routinely pays more than $4,500 for a bottle of wine to entertain guests. A few bottles go for far more than that.

“A price tag of more than a million yuan [about $150,000] a bottle - that does more than show off your wealth, it shows you have good taste,” He, 38, said while attending a three-day Hong Kong wine and spirits exhibition that drew about 700 companies from 29 countries and regions. “We don’t care how outrageously expensive the wines are.”

Wine sales in Hong Kong by Sotheby’s and Christie’s International will raise more than in New York and London combined this ...