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Category: Business, Economics and Finance / Federal - State Issues / Sea Transport / Electricity Energy and Utilities / Air Transport

Morrison tightens foreign investment rules

Friday, 18 Mar 2016 09:17:02 | Eliza Borrello

The Treasurer said foreign investment rule changes applied to assets over $250m. (ABC News: Matt Roberts)

Federal Treasurer Scott Morrison has announced a tightening of the nation's foreign investment rules in the wake of the controversial "sale" of the Port of Darwin to a Chinese company.

From the end of the month, the Foreign Investment Review Board will need to approve the sale of critical infrastructure belonging to the states and territories, such as airports and ports, to private companies.

The rules will apply to any critical asset worth more than $250 million.

In October 2015, the Northern Territory Government awarded Landbridge — a company owned by Chinese billionaire Ye Cheng — a 99-year lease for the Darwin Port worth $506 million.

Mr Morrison refused to say whether the new foreign investment rules were an acknowledgement the Northern Territory Government made the wrong decision.

"I'm not here to comment on those arrangements, they were considered under the framework that has been in place for sometime," he said.

Darwin's port, which has been leased under a 99-year deal to Chinese company Landbridge Group. Photo: Darwin's port is leased under a 99-year deal to Chinese company Landbridge Group. (Supplied: NT Government)

Pressed further about whether the new rules would have seen the deal face more scrutiny, he said "the port of Darwin is sold".

"It's not a matter that's coming up," Mr Morrison said.

"I don't intend to engage in hypotheticals."

Landbridge has links to the Communist Party and People's Liberation Army.

The handling of the lease did not impress United States President Barack Obama, who told Prime Minister Malcolm Turnbull his country would have appreciated being consulted about the deal before it was announced.

AustraliaPlus


 

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