--FILE--Retired Chinese basketball star Yao Ming, right, speaks at the opening ceremony for Shanghai Natural Museum in Shanghai, China, 18 April 2015.
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18 April 2015Photographer:
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--FILE--Retired Chinese basketball star Yao Ming, right, speaks at the opening ceremony for Shanghai Natural Museum in Shanghai, China, 18 April 2015. Former National Basketball Association star Yao Ming is within reach of his goal to get $3 million from crowd funding to expand his wine business. Napa Valley's Yao Family Wines started the campaign to expand his wine business on March 2, including the building of a visitor center in Napa Valley and a tasting room in Yao's hometown of Shanghai. As of Wednesday (6 May 2015), Yao had commitments for more than $2.77 million, 93 percent of his goal, according to Crowdfunder, the website used by entrepreneurs to get public funding. Yao Family Wine said only US citizens and permanent residents can participate in the fund-raising effort. Depending on the size of their financial pledge, which ranges from $5, 000 to $25, 000, investors will be given admission to exclusive events and private dinners. Yao co-founded the winery in 2011 and sold more than $8 million of its wine in its first 39 months.Yao Family Wine's previous offerings, all reds, have cost from about 1, 500 yuan a bottle for Yao Ming Napa Valley, to 6, 000 yuan for a bottle for its premium Yao Ming Family Reserve. Napa Crest, the company's cheaper wine introduced in 2013, sells for 535 yuan, is still out of reach for ordinary Chinese, the company said. Yao's fame and national hero status in China is not the only factors that drive the purchases. The winery has also received significantly good reviews, with ratings between 90 and 98 points from top wine critic Robert Parker, Wine Spectator and Wine Enthusiast, said the company.