Hong Kong Aims to Be World Tea Center

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Bloomberg Hong Kong, which became the world’s third-biggest trading hub for wine a year after ending duties, said it plans to replicate that success with tea. The Hong Kong Trade Development Council has been in talks with tea sellers and buyers to use the city to trade supplies, citing its port facilities and proximity to mainland China as merits, Raymond Yip, assistant executive director of the council, said in an interview. Tea is the world’s second most- popular drink after water, with trade worth $6 billion a year. China is the world’s biggest tea producer, Russia is the largest importer and Sri Lanka, the top exporter. “We have the infrastructure and cultural sophistication to become a tea hub,” said Yip. Like wine, tea has different grades and Hong Kong, with its existing port and logistics facilities, plans to handle everything from highest-grade tea to bulk shipments. Hong Kong’s plans will pit the city against rivals such as Dubai, which opened a trading center in 2004, and targets the Indian, Sri Lankan and East African markets. Developing Hong Kong as a wine and tea center adds to the city’s cultural milieu and may draw more tourists, said Yip. Hong Kong is encouraged by the speed with which the wine industry took off after the government abolished duties on beer and wine in February 2008, he said. Wine cellars opened in the city as merchants shipped their best bottles into the city and companies such as Christie’s International held auctions, creating an industry that’s worth more than HK$1 billion ($130 million) a year. Milk Tea, Dim Sum Tea is central to the Hong Kong diet. A pot of Pu’er, a fermented tea, usually accompanies dim sum, while milk tea, served iced or hot, is ubiquitous. On a per capita basis, the city’s 7 million people consumed 1.36 kilograms of tea in 2004, more than other Asian cities and almost triple the world average of 543 grams, according to the World Tea Union. As the Chinese become wealthier, the country’s per capita tea consumption of 420 grams is bound to rise, Yip said. That presents opportunities to sell into China via Hong Kong. Hong Kong, which offers some of the world’s best and most- expensive Chinese tea, may develop a high-end market for connoisseurs, said James Yeung, a manager at Sun Sing Tea, a merchant which charges HK$8,000 for 10 grams of a rare 1900 Pu’er. The tea is favored by collectors and Chinese businessmen as a gift for top clients, said Yeung. “A good tea is like a fine bottle of Bordeaux,” said Yeung, 29, “mellowing with age and rising in value.” Yip said Hong Kong may start holding tea auctions, studies and tours once trading gains momentum. The city held a tea fair this month to allow 259 exhibitors from 17 countries to mingle and trade. “Don’t be surprised how quickly this takes off,” Yip said. To contact the writer of this story: Le-Min Lim in Hong Kong at lmlim@bloomberg.net This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Comments Please login to post comments or replies.