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Wine investment Chinese Style
Tuesday, 6th September, 2011
- Richard Farmer
 | Jean Pierre, a sommelier adviser to Changyu company, decants a bottle of red wine. |
The Bank of China has joined with Zhonghai Trust Co Ltd and the Changyu Pioneer Wine Co Ltd to launch what they describe as China's country's first history-themed wine investment product. The wine-based financial instrument, offered only to VIP clients of BOC, has a 1.08 million yuan ($168,804) minimum investment that is locked in for 18 months.
After a year and a half investors can sell the financial instrument at a promised annual return of 7 percent - twice the current benchmark one-year bank deposit rate of 3.5 percent - or take possession of the wine itself.
The website of Shandong, "the hometown of Confucius", quotes Jing Li, head of BOC's investment department for VIP clients, saying that "although the price of the product is not cheap, it is very popular among our clients." So much so that the wine company plans to issue another Century Cellar wine product with a lower minimum investment to a wider spectrum of investors.
The Changyu wine in the first investment product is named after an inscription by Sun Yat-sen, founder of China's Kuomintang party.
On Aug 21, 1912, Sun visited the Changyu Grand Cellar as he traveled through Yantai. After tasting a glass of fine wine, he was impressed by its mellow flavor and offered the inscription "Ping Zhong Li Quan", which can be traced to the Li Ji - or the Book of Rites- that praises Zhang's efforts in supporting revolution and depicts the wine as sweet manna from heaven.
It is the only time Sun wrote an inscription for an enterprise in his life. The original writing is rated as a national first-level cultural relic and is now at the Yantai Museum.
Changyu issued the product in honor of the 100th anniversary of Sun's inscription and the 120th anniversary of the founding of the company that will be celebrated next year.
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