Chinese tycoon gets Aussie dairy farm
Print Edition
THE sale of Australia’s largest dairy farm, Van Diemen’s Land Co (VDL), to Chinese businessman Lu Xianfeng has received final clearance, and Lu unveiled yesterday his plans for the business.
VDL, situated in the northwest of Tasmania, has now been officially turned over to Lu’s Moon Lake Investments company for US$215 million.
Lu, who made his fortune in China’s seafood industry, said he had big plans for VDL’s future.
“From my first visit to the region, I could see its unique attributes, and since that time, have been keen to do what I can to further develop the potential of the VDL assets,” he said in a statement yesterday.
“I would particularly like to thank all those who have supported me over this period, which is the start of what I hope to be a long and fruitful relationship.”
The Tasmanian company, which has never been Australian owned since being established on a land grant by New Zealand’s New Plymouth District Council 190 years ago, was subject of a fierce bidding process last year.
Lu’s deep financial resources eventually saw him stave off bids from two rival Australian companies to secure VDL’s 13 farms, 19,000 hectares and 18,000 milking cows.
As part of the deal, Lu not only has promised to keep the company’s 140 existing staff and honor all current milk contracts, but also plans to expand its workforce and investing over US$75 million in developing VDL farms.
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