Post by Deleted on Apr 30, 2016 5:57:54 GMT 7
Australia blocks largest private farm sale to Chinese over national interest
www.scmp.com/news/asia/australasia/article/1940025/australia-blocks-largest-private-farm-sale-chinese-over
Citing national interest, the Australian government on Friday blocked a Chinese-led consortium from buying the nation’s largest private land holding, a collection of Outback cattle ranches bigger than South Korea.
Treasurer Scott Morrison said he was concerned that the land owned by a pioneering dynasty is more than 1 per cent of Australia’s total land area and 2 per cent of agricultural land. He also worried that the land holding was so big that it was difficult for Australian bidders to compete. The refusal to sell to the Chinese-based Dakang Australia Holdings and Australian-listed company Australian Rural Capital is only a preliminary decision and Dakang has until Tuesday to respond. The price tag is A$371 million (HK$2.1 billion).
“The size and the significance of the portfolio combined with the impact the decision may have on broader Australian support for foreign investment in Australian agriculture must be taken into account in this case,” Morrison told reporters. “There are not too many jurisdictions anywhere in the world where foreign acquisition of land – large holdings of this nature – would be permitted,” he added.
Foreign ownership of farmland is an increasingly sensitive issue in Australia, where there a fears that Chinese-owned farms could supply Australian-grow produce to Chinese parent companies at discount prices or refuse to sell to Australian buyers.
The Australian beef industry is emerging from years of low profitability due to drought and a strong Australian dollar that had been inflated by a mining boom that has now passed.
www.scmp.com/news/asia/australasia/article/1940025/australia-blocks-largest-private-farm-sale-chinese-over
Citing national interest, the Australian government on Friday blocked a Chinese-led consortium from buying the nation’s largest private land holding, a collection of Outback cattle ranches bigger than South Korea.
Treasurer Scott Morrison said he was concerned that the land owned by a pioneering dynasty is more than 1 per cent of Australia’s total land area and 2 per cent of agricultural land. He also worried that the land holding was so big that it was difficult for Australian bidders to compete. The refusal to sell to the Chinese-based Dakang Australia Holdings and Australian-listed company Australian Rural Capital is only a preliminary decision and Dakang has until Tuesday to respond. The price tag is A$371 million (HK$2.1 billion).
“The size and the significance of the portfolio combined with the impact the decision may have on broader Australian support for foreign investment in Australian agriculture must be taken into account in this case,” Morrison told reporters. “There are not too many jurisdictions anywhere in the world where foreign acquisition of land – large holdings of this nature – would be permitted,” he added.
Foreign ownership of farmland is an increasingly sensitive issue in Australia, where there a fears that Chinese-owned farms could supply Australian-grow produce to Chinese parent companies at discount prices or refuse to sell to Australian buyers.
The Australian beef industry is emerging from years of low profitability due to drought and a strong Australian dollar that had been inflated by a mining boom that has now passed.
that silly old fossil did for Queensland what Reagan did for America.
