Agence France-Presse reported that the Alibaba founder purchased Chateau de Sours, a vineyard that produces wines at the cheaper end of the market. The news agency added that the 85 hectare property includes an 18th century castle.
Decanter magazine confirmed the news, adding that the price of the property was not disclosed. The wine magazine's sources in Bordeaux added that the property is under major construction, including an excavation of the cellars.
AFP added that there are currently over 100 vineyards owned by Chinese tycoons in Bordeaux, one of France's premier wine-producing regions. The news agency also highlighted that China is not only the No. 1 global consumer of red wine but also the top market for exported wine from Bordeaux.
Owning French vineyards provides wealthy Chinese an opportunity to diversify their holdings by investing in overseas real estate while elevating their social status.