Australia Just Stopped China Buying a Farm the Size of Kentucky
November 19th, 2015Via: Fortune:
You can have too much foreign investment, it seems.
The Australian government Thursday blocked the sale of a portfolio of farmland the size of Kentucky to Chinese investors on national interest grounds.
Four separate groups linked to Chinese-based investors had been dominating the bidding for properties amounting to 2.5% of Australia’s farming land owned by S. Kidman & Co. The assets were expected to fetch an estimated 350 million Australian dollars ($250 million). The proposed sale had become a test case for how the country balances concerns over foreign ownership with the need for foreign investment in an economy that has slowed sharply due to the collapse in commodity prices this year.
