Chinese buyer for Australia’s dairy farm
Print Edition
A Chinese investor was yesterday given the green light to buy Australia’s largest dairy farm company, with the finance minister saying he welcomed foreign investment “not contrary to our national interests.”
The sale of farmland to foreigners including to Australia’s biggest trading partner China has been a sensitive issue, with Canberra in November blocking the sale of one of the world’s largest cattle estates to Chinese companies.
Chinese businessman Lu Xianfeng, who owns an Australian window blind maker and founded a Shenzhen-listed engineering company, made a A$280 million (US$202 million) bid for the Tasmanian-based and New Zealand-owned dairy business in November.
Australian Treasurer Scott Morrison said the Tasmanian Land Co, which owns the 190-year-old dairy business Van Diemen’s Land Co, had always been held by foreigners.
“I am satisfied that the Moon Lake proposal to purchase TLC is not contrary to the national interest,” Morrison said in a statement, referring to Lu’s company.
“It will ensure increased employment and investment in an important industry sector in Tasmania, while the safeguards we have put in place will ensure they pay their tax. Australia continues to welcome and support foreign investment that is not contrary to our national interests.”
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