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A joint venture between the Taifeng Group and Gemtree Vineyards was finalised in March 2013. Gemtree Vineyards is a South Australian family wine company based in Mclaren Vale. The Head office for the Taifeng Group is Chengdu in the Sichuan Province. The partnership has resulted in an inflow of capital into the business in excess of $10 million and a further commitment for future capital investment of $30 million over the next 5 years.
Company Turnover has more than doubled since the co-operation commenced. A winery facility has been purchased as part of the JV and company stock holdings have increased significantly to accommodate future offtake into the China market. Taifeng is establishing a national branch and cellar door network in China to execute its sales strategy and a significant brand campaign is underway focussing on the Gemtree brand.
Staff numbers in the company have increased from less than 10 staff in early 2012 to over 25 staff in May 2013. Gemtree International Company Ltd in China employs around 300 staff and numbers are forecast to double by the end of 2014.
With further expansion of the company in Mclaren Vale and potentially outside South Australia, the joint venture is predicted in the next 5 years to increase staff numbers by over double with tourism related services and expansion of vineyards. Clearly this will have a positive benefit to the local community and economy with these new initiatives focussed around new projects and attracting a higher number of inbound tourists particularly from China.