Aussie move may hurt future investment
Print Edition
AUSTRALIAN farmers believe the decision from Treasurer Scott Morrison to block the sale of Australia’s largest agricultural land holder to Chinese interests could scare away future investment.
On Thursday, Morrison vetoed the sale of Australian company S. Kidman & Co, which holds around 101,000 square kilometers of grazing land across four states and is Australia’s largest beef producer, to any foreign investor, effectively blocking the bids of several Chinese firms.
National Farmers Federation CEO Simon Talbot rejected Morrison’s assertion that he had stepped in to protect Australia’s “national interest,” saying spurned Chinese bidders would look to invest their capital elsewhere if the government continued to pursue strict regulation. “We hope it (the refusal) is an isolated case,” Talbot said yesterday.
Prominent Australian businessman Gerry Harvey, the co-founder of Australian retail giant Harvey Norman who also has a major stake in agricultural assets, said a lot of Australians would back the government’s decision, but it could prove costly in the long term.
“The other side is there’s been a huge amount of Chinese and Asian investment in the industry, and you take that away and the industry would be in big trouble,” Harvey said.
Chinese business experts were divided on the consequences of the blocked deal.
E-house China R&D Institute research director Yan Yuejin believed Australia had trashed the claim that it was “open for business,” while Peter Arkell, chairman of the Australian Chamber of Commerce in Shanghai, said Australian assets were still attractive and Chinese investors would not be significantly spooked.
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