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Saturday 7 January 2023

Hong Kong tycoon swoops on Margaret River wine estate

One of Margaret River's largest vineyards has been sold to Hong Kong’s richest man Li Ka-shing of CK Hutchison Holdings.

Edinger Estate is the second-largest vineyard in the region and fetched over $10.8 million, Vino-Joy reported.

The 182-hectare property at Rosa Brook joins a portfolio that now includes 29 vineyards in Barossa Valley, Padthaway, Margaret River, Riverland and Riverina.

The company now has over 7,500 hectares of vineyards in Australia and New Zealand, making it among the largest vineyard owners in Australasia and top 10 in the world, it says.

The majority of the vineyards are leased to grape growers and producers and the company says grape demand has been steady despite China’s punishing tariffs on Australian wine imports.

“Protected by long leases with reputable wine companies as tenants, the vineyard business was not affected by challenges other operating units faced, generating stable and recurrent cashflow in rental income," the company says in its 2022 interim report

"Our tenants experienced steady demand for grapes despite ongoing trade restrictions with Mainland China, with a softening in the market for red grapes being offset by the strength of demand for white grapes.”

Aside from vineyard holdings, Li Ka-shing’s CK Hutchison Holdings Limited also owns Hong Kong’s biggest wine retailer, Watson’s Wine.

The vineyard was owned by Rob Edinger, who sold the Chalice Bridge brand to Jason and Alecia Brown, who own Moppity Wines in the Hilltops region of New South Wales.

The vineyard was established over two decades ago and is planted with chardonnay, cabernet sauvignon, semillon, sauvignon blanc and merlot.

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