Funds pour in as Yao Ming turns to crowdfunding for winery

By Zheng Xin (China Daily) Updated: 2015-05-09 10:54

Yao Ming introduces the Yao Family Wines at a charity auction in Shanghai, Nov 27, 2011. [Photo/IC]

Napa Crest, the company's cheaper wine introduced in 2013, sells for 535 yuan, but that is still out of reach for ordinary Chinese consumers, the company said.

Dong warned that the luxury wine market in China will not rebound in the near future.

Yao is just one of many Chinese celebrities to have invested in vineyards. Another famous name in the sector is actress Zhao Wei, who in 2011 acquired a Bordeaux chateau and functioning winery in France.

"Many celebrities choose to get involved with a business or an investment after rising to fame, and the wine industry is one of the popular fields because it's profitable," said Dong. "Not many celebrities succeed in the shift from being a public figure to an entrepreneur, but Yao made it."

Small California wineries are usually owned by wealthy people who do not worry about losses, but the retired Chinese basketball star, who studied economics at Shanghai Jiaotong University after leaving sports, sees the wine business as more than a vanity investment, said Dong.

"He wants his business to be successful and investors in his venture to expect a satisfactory return, and he knows how to do it," he said. "Being in the NBA has given Yao a more international perspective, while his fame has also gained him publicity for his wine products. For Yao, opening a winery is more than a passion project."

Yao's fame is not the only factor supporting the business. The winery has also received good reviews, with ratings between 90 and 98 points from top wine critic Robert Parker and from industry publications such as Wine Spectator and Wine Enthusiast, said the company.