China's newly rich developing taste for fine wine

By Ben Blanchard

BEIJING, April 24 (Reuters Life!) - BMWs and Gucci handbags are already firm favorites among China's emerging class of newly rich. Now, fine wines are becoming the latest symbol of luxury.

For people like senior executive Wang Jie, it is an obvious choice to make.

"It tastes better than beer or rice wine, and it's better for your health," Wang said, speaking at a wine tasting event at a top Beijing hotel.

Wang, who started buying wine 10 years ago, estimates he buys around 80 bottles a year, some costing up to 1,000 yuan ($130) apiece.

"I'm drinking increasingly expensive stuff. At first only 100 or 200 yuan a bottle, but now up to 1,000 yuan," said the smartly dressed businessman.

That's music to the ears of Don St. Pierre, chairman of Chinese wine importer ASC Fine Wines.

"Probably the fastest growing part of our business is the premium wine end, in particular Bordeaux first growths from the five great chateaux," he said.

"It's just booming unbelievably. So our biggest challenge is having enough wine here to supply the demand," St. Pierre added.