Fine wines languish in warehouses

The crates of Chateau Brehat wine from Bordeaux had gathered dust for three years in a bonded warehouse on the outskirts of Shanghai before the owners cut their losses in July, slashing three-quarters off the $50 price tag.

The fire sale was prompted by a huge oversupply of wine that had built up after a swarm of importers jumped at seemingly stellar growth from 2010.

China's wine consumption - which had been rising in double digits - dropped last year and is set to inch up just about 1 percent annually until 2020.