Mornington Peninsula vineyard sale to Chinese buyers

China's Fullshare Group has bought the Red Hill Estate vineyard on Victoria's Mornington Peninsula for just over $5 million.

The 17 hectare Shoreham Road estate was established in 1989 by the late Australian businessman, Sir Peter Derham and Lady Derham.

It produces chardonnay, pinot noir, shiraz and other varieties under the Red Hill Estate and The Bench labels. 

Rated five stars by wine critic James Halliday, the estate with 9.7 hectares under vine sold through CBRE. 

Fullshare, a top-500 Chinese company with real estate projects in Australia and also Canada, is chaired by the Hong Kong real estate billionaire Ji Changqun, ranked the 73rd richest man in China according to Forbes.

Fullshare's earlier Australian investments include the Sheraton Hotel in Port Douglas, the Whisper Bay units and apartments at Airlie Beach and the Laguna Quays resort.

Sir Peter Derham passed away in 2008, but the Derham family remains shareholders in the investment company, R H W Property that owned the property.

The Australian Financial Review reported other shareholders include Red Hill Estate chairman Martin Brenton, Deloitte tax partner Dwayne Sleep, former Deloitte partner Tim Gullifer and restaurateur Max Paganoni, owner of Max's Restaurant on the estate.

Last year the Sexton family acquired the peninsula's first vineyard, Main Ridge Estate in Red Hill, with three hectares under vine for $3.25 million.