China’s burgeoning taste for the good life is about to find a new outlet with the launch of the nation’s first wine investment fund.

随着中国首只葡萄酒投资基金的问世，中国人对于优雅生活方式的新生品味，将要找到一个新的抒发渠道。

The Dinghong Fund plans to raise Rmb1bn ($156mn) and will invest in vintages from Bordeaux and Burgundy. The wine market in China has boomed in recent years, with wealthy people driving the price for fine French wines, in particular, to record highs.

鼎红基金(Dinghong Fund)计划募集10亿元人民币（合1.56亿美元）的资金，将投资于法国波尔多(Bordeaux)和勃艮第(Burgundy)这两个葡萄酒生产区的佳酿。近年中国葡萄酒市场呈现出繁荣景象，富人将法国上等葡萄酒的价格推升至创纪录水平。

Wine-based investment products are beginning to take off, benefiting from modern China’s obsession with status symbols, and also offering investors protection from inflation.

葡萄酒相关投资产品正开始起飞，得益于现代中国人对地位象征的迷恋，但同时也为投资者提供了抵御通胀的保护。

Dinghong will be modelled on funds – such as the Vintage Wine Fund – that have gained popularity globally over the past decade. For a minimum investment of Rmb1m, people will be locked into the fund for five years, during which time its managers will select en primeur and mature wines.

鼎红将以过去10年来全球人气上升的葡萄酒基金（如Vintage Wine Fund）为模板。其最低投资额为100万元人民币，投资锁定期为5年，在此期间，基金经理人将挑选期酒和现货葡萄酒。

It expects to raise its first tranche of Rmb200m by the end of September.

该基金预计到9月底将完成首期2亿元人民币的募资。

Ling Zhijun, co-founder, said the biggest challenge was convincing domestic investors to keep their cool.

该基金联合创始人凌志君表示，最大挑战在于说服国内投资者保持冷静。

She said: “They think that starting with Rmb200m is not enough. So we have to explain that we can’t invest it all at once. Investing over time is a better way to spread out the risk.”

她表示：“他们认为，以2亿元人民币起步是不够的。因此我们不得不解释，我们不可能一步投资到位。随着时间的推移逐渐投资，是分散风险的更好方式。”

Ms Ling is a professional money manager in her job chairing Pacific Asset Management in Shanghai, but is an amateur oenophile. The wine expertise in the venture will come from Zhang Yanzhi, China representative of Etablissements Jean-Pierre Moueix, a Bordeaux winemaker and distributor.

作为上海太平洋资产管理公司(Pacific Asset Management)董事长，凌志君是一位专业理财人士，但只能算得上一个业余酒饕。该基金在葡萄酒方面的专长，将来自波尔多葡萄酒酿造及经销商Etablissements Jean-Pierre Moueix的中国首席代表张言志。

The fund said it expected to deliver annual returns of about 15 per cent, an enticing prospect for Chinese investors who have seen inflation chip away at their savings with few hedges at hand. Domestic stock markets have been sluggish for two years, the government is clamping down on the once-buoyant property market, and overseas investments are tightly restricted.

该基金表示，预期年度回报率达到大约15%，这对中国投资者是一个颇为诱人的前景。目前中国投资者眼看着通胀侵蚀自己的储蓄，而他们能够用以对冲通胀的投资选择不多：国内股市已连续两年陷于低迷，政府正在遏制一度蒸蒸日上的楼市，而海外投资则受到严格限制。

Some analysts fear that the surge in Chinese interest in wine risks creating a Bordeaux bubble that will damage quality over time as buyers value brand names over specific vintages. But Ms Ling said her fund would be focused on deepening Chinese appreciation of fine wine – not just making good investments.

一些分析师担心，中国人对葡萄酒的兴趣激增，有可能催生一个“波尔多泡沫”，长期而言有损于质量，因为买家注重品牌名称，而非具体的酿造年份。但凌志君表示，她的基金将专注于提高中国人对上等葡萄酒的鉴赏力，而不只是作出明智的投资。

Apart from the sheer novelty of fine wines in China, unfamiliarity has stemmed from a wine-tasting vocabulary that sounds odd to Chinese ears when translated literally. For example, “notes of blackberry” means little in a country where few have ever tasted blackberries.

上等葡萄酒在中国仍是一种新奇事物，除此之外，中国人的不熟悉也源于这样一个事实：品酒方面的描述如果按字面意思翻译，在中国人听来会觉得怪异。举例来说，对中国人来说，“带有一丝黑莓的余味”意义不大，因为绝大多数中国人从来没有吃过黑莓。

The Dinghong Fund is not the only new venture that could boost Chinese wine buying. Earlier this year, the Shanghai government established the country’s first official wine exchange – an internet platform to connect investors with approved suppliers.

鼎红基金并不是有望提振中国葡萄酒购买量的唯一新项目。今年早些时候，上海市政府成立中国首个正式的葡萄酒交易所，这是一个互联网平台，让投资者与获得批准的供应商进行交易。