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This is definitely the best news I've had in a long time!
Hong Kong government revealed its 2008-9 budget yesterday. As the industry had expected, after intense lobbying for the last few years, the government has decided to abolish all duty on wine (and beer)! We have gone from an 80% duty 2 years ago to 40% last year, and now to 0%!
Those of us with large holdings offshore or in bond will now be shipping them back. This is the news that we have been waiting for years!
It was only appropriate that I celebrated this news by attending a fabulous wine tasting last night... details in the next entry.
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