Chinese buy five vineyards
Hong Kong-owned QWIL and Accolade Wines have been given the go ahead by the Overseas Investment Office to buy five vineyards from Mud House Wines.
The deal for $46.4 million involves the acquisition by QWIL of a freehold interest in five vineyards – Woolshed Vineyard in Marlborough, Home, Mound and Deans Vineyards in Canterbury, and Claim Vineyard in Otago.
The land comprises about 596ha.
A second part of the arrangement is the acquisition by Accolade of a leasehold interest in the five Vineyards being acquired by QWIL plus approximately 15ha for a café business.
QWIL’s Hong Kong corporate owners include Gold Rainbow (45.31%), Trueway International (22.05%), Triluck Assets (7.45%) and Hong Kong Public (25%). Accolade Wines NZ is owned by US interests (38%), Australians (19%), Netherlands (8%) China (8%) with various parties holding the balance of 27%.
“The applicants intend to continue to operate and develop the vineyards and various wine businesses related to the land. The investment will enhance QWIL’s existing investments in (and will provide Accolade Group with an entry into) the New Zealand wine industry,” the OIO says.
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