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Australia blocks sale of farms to foreigners
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AUSTRALIA yesterday blocked the sale of one of the world’s largest cattle estates to foreign entities, ruling it was not in the national interest as part of the holding is in a weapons testing area.
S. Kidman and Co, Australia’s biggest private land owner, is on the market with Chinese companies Genius Link Group and Shanghai Pengxin reportedly in a bidding war to secure the sprawling pastoral empire for up to A$350 million (US$251 million).
However, amid concerns about valuable agricultural and mineral assets passing into foreign hands, Treasurer Scott Morrison said he would not authorize any sale to overseas investors.
“Consistent with the recommendation from the Foreign Investment Review Board, I have decided that the acquisition by foreign investors of S. Kidman and Co would be contrary to the national interest and shall not be authorizing the sale to proceed as currently proposed,” he said.
Kidman holds about 1.3 percent of Australia’s total land area, and 2.5 percent of its agricultural land.
Morrison said his decision was based on the significance of Kidman’s portfolio, and security issues around access to the area, which has been used to test nuclear bombs, launch satellites and track space missions.
“Australia welcomes foreign investment where it is consistent with our national interests,” he said.
Kidman’s Managing Director Greg Campbell said he was surprised by the decision and was seeking clarity.
“To be honest I didn’t think this would be the outcome,” he told national radio.
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