As originally reported in The Australian Financial Review, Treasury Wine Estates is understandably nervous about the sabre-rattling by China over potential targeting of wine from Australia as part of the trade spat.
Reportedly, about 40 percent of its profits come from Asia, most of it from China where Penfolds is in strong demand, and locals are starting to return to restaurants in bigger numbers to down more red wine.
Treasury had a stroke of luck in early April. A positive case of COVID-19 emerged at its huge Bilyara winery in the Barossa Valley, but didn’t spread and affect production during the busiest time of the year with vintage in full swing.
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