Chinese Bank Loans to Wine Investors Say ‘Drink Now, Pay Later’
Chinese Bank Loans to Wine Investors Say ‘Drink Now, Pay Later’
Nov 28, 2011 6
(Bloomberg) - At the 4th Hong Kong International Wine & Spirit Fair, a smiling Wing Lung Bank employee hands me a colorful flyer about its new “Wine Financing Service.”
Can’t afford a case of investment-grade Bordeaux? This Hong Kong-based bank will lend you as much as HK$5 million ($641,840) to buy, as long you select from its list of 50 top names. The response, says assistant general manager William Tang, has been overwhelming.
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