Shanghai-based conglomerate Pengxin redirected the $US400 million it was prepared to pay for Australia's largest private land holding, S. Kidman & Co, into investments in Brazil after it was snubbed by then treasurer Scott Morrison in 2016.
The amount of agricultural land owned by Chinese interests has soared above 3 million hectares, more than double the 1.46 million declared by the Australian Taxation Office last month, according to a Fairfax Media analysis of reported land sales.
Milk NZ, the local unit of Chinese investor Shanghai PengXin Group, is facing new hurdles with its New Zealand investment plans after being knocked back by the government last year over its proposed $88 million purchase of Lochinver farm.
A China-led consortium seeking to buy Australia's S. Kidman & Co will hold off on a fresh bid for the country's largest agricultural land owner amid concerns it could be derailed by a more protectionist new government, two sources with direct knowledge of the matter said.
Australia has granted a three-year extension for a Chinese company to reduce its 80 percent stake in Australian cotton farm Cubbie Station after it indicated it could not meet the October 2015 deadline.
A unit of China’s Shanghai Pengxin Group Co. bought a controlling stake in Brazil’s soybean trader and biodiesel maker Fiagril Ltda for $286 million, marking the first major Chinese acquisition of an agricultural company in Brazil.
Australia’s largest pastoral cattle empire, S. Kidman and Co., has agreed to be sold to a Chinese-led consortium for 370.7 million Australian dollars (US$287.3 million), continuing a flurry of deals in the country’s agricultural sector. Earlier proposed deal was rejected by the government last year.