NEWS
S'PORE PRIVATE WINE CLUB SHUT DOWN AMID TIGHT MONEY-LAUNDERING CONTROLS
By Tony Zhu
13-2-2024
Source: Circle 33
A private and exclusive wine club in Singapore popular with ultra-rich residents from China has quietly shut down as rich people in the city-state increasingly opt for discretion over displays of wealth.
Circle 33, located inside a former colonial residence on Scotts Road in the suburb of Orchard, has closed its doors after its lease expired last year, the Financial Times reported.
Launched in 2021 and co-founded by Zhang Tao, the co-founder of Chinese restaurant review site Dianping, and backed by Chinese business figures such as Min Fan, co-founder of travel group Ctrip, Circle 33 has attracted high-flying executives from China, Singapore, Malaysia and Indonesia.
The club was famed for its extensive wine menu with prices that ran into six figures. Financial Times said it symbolise the flow of wealth to Singapore during the pandemic, especially from super-rich Chinese fleeing restrictions in mainland China.
Last August, Singaporean authorities arrested and charged 10 people — all with links to China — in connection to a USD2.2 billion money laundering and fraud investigation, the largest in Singapore’s history.
Police also seized assets including luxury properties, fine wines, trophy cars, designer handbags, gold bars, cash and cryptocurrency in raids across the city.
The closure of Circle 33 came as Singapore authority has tightened anti-money laundering controls on luxury assets since the raids.
Financial Times quoted sources who have visited Circle 33 as saying that members stopped going after it was named by the media and earned a reputation.
Another person close to the club said Circle 33 did not make enough money, forcing the owners to decide against renewing the lease.
(the writer can be contacted at: info@thewinechronicle.com)
ALL RIGHTS RESERVED
**IF YOU THINK THE WINE CHRONICLE IS WORTH SUPPORTING, PLEASE MAKE A DONATION TO HELP US IMPROVE AND CONTINUE OUR WORK**
TRENDING│ FOCUS│ MISSION│ ABOUT US│ CONTACT
| 