China no longer an El Dorado for wine traders

A dramatic slump in demand is putting paid to China’s reputation as an ‘El Dorado’ for wine trading, one French importer has said. As the South China Morning Post reported that Chinese wholesalers are cutting the prices of certain imported fine wines by up to 75%, Pierrick Fayoux, the marketing manager of Shanghai-based French importer VGF China, told the newspaper: “In 2010, everyone was screaming from the rooftops that China is the El Dorado for wine and you could become a millionaire by jumping into the business.