Australian ranch the size of Ireland sold to Chinese investors

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Source:   —  April 19, 2016, at 2:22 PM

Chinese investors are buying an Australian ranch the size of Ireland.

Australian ranch the size of Ireland sold to Chinese investors

Chinese investors are buying an Australian ranch the size of Ireland.

China'south Dakang Australia teamed up with Australian Rural Capital to purchase the Kidman beef company and 77.300 square kilometers (30.000 square miles) of its land for $370 million Australian dollars ($288 million).

Dakang brought ARC on board in a tender to overcome Australian opposition to a sale to foreigners. Dakang will own eighty percent of Kidman and ARC twenty%.

Kidman is one of Australia'south biggest beef producers and owns farm assets spread across more than 100.000 square kilometers of the country'south interior. That'south an area roughly the size of Kentucky.

To inspect the full sweep of properties on the obstruct by air would get about a week.

The deal still needs the approval of Australia'south Foreign Investment Review Board, as well as various other regulators.

Related: Social media hates Australia'south new $5 note

The Australian government blocked the sale of the ranch to foreign buyers latest Nov because one of Kidman'south ranches -- Anna Creek Sta in S Australia -- is near to the country'south weapons testing site.

Anna Creek has been excluded from the Dakang deal, reducing the quantity of land that'll modify hands and raising the chances it'll be approved. The companies declare they believe they've complied with requests made by the regulators.

The land is residence to about 150.000 cattle. The investors are hoping to expand production and widen the ranch'south role in international markets. Most of the beef is already exported.

Australia is the world'south third largest beef exporter behind India and Brazil, and ahead of the U. S. Its export strength is helped by a no of free trade agreements with beef-eating countries, and its reputation for selling secure meat.

-- Huizhong Wu contributed to this article.

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