Chinese wool magnate, Qingnan Wen, has shown his confidence in Australian wool and food production by buying another Victorian farm.
Mega Chinese wool processor grabs another Victorian farm
by Vernon Graham
China's biggest buyer of Australian wool is reported to have added to his portfolio of Victorian farmland with the purchase of the historic Mawallok property near Beaufort.
Qingnan Wen, founder of Tianyu Wool, bought the historic 2000ha Lal Lal Estate at Yendon near Ballarat in 2014 which had been held by the Fisken family for six generations.
He then added another 1587 prime hectares with the purchase of Mokanger and Lewana at Cavendish near Hamilton in 2018.
The historic Mawallok homestead sits in a large English garden including a lake.
The properties had been listed for sale at $14 million.
Now he has snapped up Mawallok, about 45 minutes west of Ballarat, which covers 2348 hectares and has an estimated carrying capacity of 30,000 DSE.
The property, which has been owned by the Mitchell family since 1980, features a 10-bedroom two-storey heritage-listed homestead set in a 2.5 hectare English garden.
The selling price has not been disclosed but the property went onto the market with a $25 million price tag last October through selling agents, Elders Real Estate.
Mawallock has outstanding water supply via spring-fed lakes, multiple bores, numerous dams and a 231 megalitre irrigation entitlement.
The property was first settled by Alexander Russell in 1847 and was held by his family until the sale to Stephen and Serena Mitchell.
The story Chinese wool magnate buys another Victorian farm first appeared on Farm Online.