The Wines of Domaines de L’Émissaire, 2024
The past two decades have seen an explosion in Asian investment in Bordeaux. Having started slowly, the influx of new proprietors then seemed to grow exponentially, building in substance as a snowball builds into an avalanche.
In some cases this investment was made wisely, focusing on the best appellations, the new owner seeking to strengthen the winemaking team, improve the state of the vineyards and upgrade the winemaking facilities. One good example of success in this regard has been Vietnamese-born and Hong-Kong-based Peter Kwok, who under the umbrella of Vignobles K has gathered together a portfolio of right-bank properties to be reckoned with. Château Bellefont-Belcier, for example, a St Emilion property ranked as grand cru classé since the 2006 St Emilion classification. And Château Tour-Saint-Christophe, which was promoted to grand cru classé under his reign, in the 2022 St Emilion classification. And the high-flying Pomerol micro-estate, Enclos Tourmaline. It is clear Peter Kwok, aided by his right-hand man Jean-Christophe Meyrou, knew what he was doing.
I suspect, however, such wisdom is not universal. When châteaux in more peripheral appellations such as the Médoc or the Côtes de Bordeaux change hands for many millions, one has to wonder on the impartiality of the advice received by the new buyer. Yes, these wines are Bordeaux, but without a prestigious appellation and the best terroir the return will struggle to match the investment. Only last year I drove past a property in Fronsac where the old cellars had been demolished, and a palatial multi-arched edifice – still in raw concrete at the time – was rising from the ground. It was a huge project which looked more fitting of a first growth than a Fronsac-also-ran. Will the Chinese owner ever break even, and recoup his costs, and bring Fronsac to the forefront of quality Bordeaux? Or will he simply fund it all from the profits of his multi-billion-dollar business back home, before eventually selling at a loss? I suppose the diplomatic conclusion is “time will tell”, but I think I might already know the answer.
When foreign investors bow out, there are those nearby ready to pick up the pieces and help such properties back on to their feet. And this is where we come to the focus of this report, Domaines de L’Émissaire, and its small portfolio of Bordeaux properties which includes Château Sénilhac, Clos Bel Air, Château Tour Saint Pierre and Château Larteau.
