Château de La Rivière, a prominent Bordeaux wine estate linked to a fatal helicopter crash in 2013, has been sold by its Chinese owner to Luxembourg-based private equity firm GFI, marking the latest withdrawal of Chinese capital from France’s wine industry.
The estate, located in Bordeaux’s Fronsac appellation, was previously owned by Bolian Group, a Chinese firm with holdings in luxury hotels and cultural tourism. Terms of the deal were not disclosed. The acquisition followed six months of negotiations, according to a statement from GFI.
GFI, under the Signet Group, appointed Sébastien Long as the new president of Château de La Rivière. Long previously held roles at Treasury Wine Estates and managed several estates in the Médoc region. He is expected to restructure the château’s wine portfolio and invest in vineyard and cellar upgrades to improve quality.
Perched on Fronsac’s limestone plateau, Château de La Rivière has a storied history dating back centuries. The estate spans approximately 100 hectares, with 65 hectares under vine, primarily planted to Merlot and Sauvignon Blanc, producing red, white, and rosé wines.
The château is also known for its extensive underground cellars, covering 8 hectares and housing over 700,000 bottles. It has become a key destination for wine tourism, attracting between 20,000 and 30,000 visitors annually.
Yet for many in China, the estate is forever linked to the tragedy that occurred shortly after its acquisition by Bailian.
On December 20, 2013, Hao Lin, then 46, finalised the purchase of Château de La Rivière and its vineyards for approximately €30 million from former owner James Grégoire. The two celebrated with a press conference and dinner before boarding Grégoire’s private helicopter for an aerial tour of the property. Around 20 minutes later, when they failed to return, staff alerted authorities. The helicopter was later found in the Dordogne River. Both men died in the crash.
Founded in 1995, Bolian Group was one of China’s early investors in the cultural tourism sector. Its portfolio includes luxury hotels, tea businesses, and cultural tourism projects across Yunnan, Chongqing, and Guizhou. In recent years, however, the company has largely faded from public view, with most mentions centred on the 2013 accident and the legal disputes over Hao Lin’s estate that followed.
Following the sale, Signet extended its appreciation to Liu Xiangyun—Hao Lin’s widow and the estate’s most recent steward—praising her management.
Once major buyers of Bordeaux estates, Chinese investors have been pulling back in recent years. As previously reported, Longhai Investment Group’s Château Latour-Laguens, purchased for RMB 40 million, was eventually put up for auction with a starting bid of just €150,000. Similarly, Chinese liquor giant Moutai’s Château Loudenne—a classified Cru Bourgeois estate—was seized and auctioned off in 2022.
According to Christie’s International Real Estate’s 2023 report, roughly 50 Chinese-owned estates in Bordeaux are currently on the market, accounting for about one-third of total Chinese holdings in the region.
Industry analysts attribute the pullback to a shift in global economic conditions. In the early 2010s, many Chinese companies pursued château acquisitions as a means of brand internationalization or for use in corporate hospitality. But with China’s economic slowdown and declining margins in the global wine industry, overseas assets that do not generate profits have become prime targets for divestment.
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