US: Chinese company defaults on vineyard purchase
US: Chinese company defaults on vineyard purchase
Nov 3, 2011 6
(Decanter) - A Chinese company has defaulted on loans it used to purchase the Bellisimo Vineyard in Sonoma County's Knights Valley. China Organic Agriculture, based in Dalian City in northern China, had borrowed some US$8.5m from Transamerica Life Insurance Co in 2008 to acquire Bellisimo Vineyard, a 70ha property of which a small portion is planted to vines.
But by September this year, The Press Democrat reports, Transamerica filed a default notice stating that the Chinese company was delinquent in its payments.
Mark McLaughlin, CEO for west coast real estate agents Pacific Union International, told Decanter.com he had brokered the sale of the property to China Organic for US$14.75m at the time.
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