Chinese firm buys $29m Balgownie Estate winery

Listed Chinese investor Interactive China Cultural Technology Investments has plunged further into Australia’s tourism sector, splashing out almost $29 million on the Balgownie Estate luxury resort, spa and winery across Yarra Valley and Bendigo. The transaction represents the group’s third investment in the sector after spending more than $17m in late 2015 acquiring two granges, Lancefield Estate and Hepburn Springs, near Daylesford, with winery accommodation, conference centres and land for development.