Joe Tsai, who became chairman of Alibaba in 2023, is part of a consortium of investors to have acquired vineyards in prestigious parts of Burgundy, according to media outlet Bloomberg.
If confirmed, the move would put Tsai among an unofficial club of wealthy business people to have invested in some of France’s top vineyards.
Tsai and partners have acquired parcels of vines, including in Gevrey-Chambertin in the Côte de Nuits section of Burgundy’s famous Côte d’Or, said Bloomberg this week, citing an unnamed source, as well as corporate filings.
Another member of consortium is Oliver Weisberg, CEO of Tsai’s Blue Pool Capital investment firm, the report claimed.
However, it added that a representative for Tsai and Weisberg declined to comment. No financial details of the reported transaction were given.
Alongside being home to some of the world’s most highly prized wines, Burgundy also has some of the most expensive vineyard land.
Average vineyard prices in the Côte d’Or rose by 11% in 2023 to reach €983,800 per hectare, said French land agency Safer in its latest report.
Previous Safer data has also said that Burgundy Grand Cru vineyards can sell for several million euros per hectare, albeit prices will vary and some transactions involve parcels of vines smaller than one hectare.
Taiwanese-Canadian businessman Tsai, owner of the Brooklyn Nets and New York Liberty basketball teams, has a net worth of $8.9bn according to Forbes.
He cofounded the retail giant Alibaba with Jack Ma, who ventured into the French wine industry years ago by acquiring Château de Sours located in Bordeaux’s Entre-Deux-Mers region.
Wealthy Burgundy vineyard owners include Bernard Arnault, through the LVMH luxury goods group, which acquired Clos des Lambrays in the Côte de Nuits a decade ago.
Fellow French billionaire François Pinault controls Artémis Domaines, which owns Clos de Tart among other Burgundy wine assets.