Chinese consortium to buy 1% of Australian land

The farming estate includes 10 cattle stations, stretching across southern and western Australia, and Queensland


News Desk April 19, 2016
A file photo of Australian fields. PHOTO: FILE

A Chinese company is all set to buy 1 per cent of Australia's land - an area bigger than Ireland.

The land, whose net worth is is said to be $289 million, is owned by S Kidman and Co - Australia’s biggest farming estate.

The company, a consortium made up of Dakang Australia, is set to buy 80% of the land, while the Australian Rural Capital (ARC) will acquire 20%.

The Australian government had previously cancelled the deal as the properties included Anna Creek farm where a military weapons testing range was located. It would have security risks, according to the government.

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However, the sale will proceed now since Anna Creek farm has been removed from the deal.

The estate currently being negotiated includes 10 cattle stations, stretching across South Australia, Western Australia, Northern territory and Queensland.

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The Australian treasury might allow the sale before the elections in the country.

The deal has already seen a two-day visit to China on April 14-15 by Australian Prime Minister Malcolm Turnbull and other business leaders.

The article originally appeared in Quartz

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