Aussies careful on Chinese group鈥檚 bid
Print Edition
AUSTRALIA fully welcomes foreign investment but the government will “very carefully” look at a bid by Chinese consortium Dakang Australia Holdings to buy one of Australia’s largest beef companies, Prime Minister Malcolm Turnbull said yesterday.
Turnbull said it was vital to encourage foreign investment, particularly from China, but admitted Australia needs to “get the balance right.”
One of Australia’s largest pastoral land holdings, S. Kidman & Co, has received a US$290 million bid from Dakang Australia in conjunction with Australian-listed firm, Australian Rural Capital Ltd, but before the sale is finalized, the bid must be approved by the Foreign Investment Review Board.
Last November, Australia’s Treasurer Scott Morrison blocked the sale of Kidman to a Chinese buyer after he determined the sale was not in the national interest.
Turnbull said some voters were uneasy about the sale of major land assets such as Kidman, which has land holdings of over 100,000 square kilometers to foreign firms.
“We look at such sales very, very carefully,” Turnbull told Adelaide radio. “We do benefit from foreign investment (but we need to) get the balance right.”
The government still needs to review the bid before it is allowed, but Kidman Chairman John Crosby told News Corp that the proposal from Dakang would provide a “solid platform” for the long-term growth of the company.
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