Jack Ma, the second richest man in China and the founder of Alibaba Group, has bought the 198 acre Château de Sours in Entre-Deux-Mers for more than $16 million, according to Wine Spectator. Ma has reportedly purchased the winery, which produces red, white, and rosé wines that sell on the lower end of the price scale, through holding companies in Luxembourg and Hong Kong, paying three times the market price of similar properties.

 

Decanter reports that Ma has plans to create a central administration center for a collection of Bordeaux assets, which will link the operation of multiple properties to gain economy of scale. Plans are also in the pipeline buy acquire wineries in California, Italy, Australia, and New Zealand.

 

Ma, who founded Alibaba Group in 1999, and is worth an estimated $21.3 billion, traveled to Bordeaux last year with a group of fellow Chinese entrepreneurs interested in acquiring wine assets. The group as a whole, has plans to acquire 20 wineries this year, and 30 more within the next two years, in addition to securing a négociant company to oversee the management of the collection of assets, according to an unnamed source, reports Wine Spectator.

 

The new managing director of Château de Sours, which sells its wine in 26 countries, including shipping 6,000 cases to the U.S. per year, is Kien Leong Lee, who is also president of Cellar Privilege, a wholesale wine company in Tresses, Entre-Deux-Mers. This established overseas market for the château’s production was a factor that attracted Ma to the property according to Wine Spectator, which noted that Ma’s expansion plans for the Château are linked with the expansion plans for Alibaba’s wine retail platform.