China has run into similar blowback in other countries where it’s tried to invest. Last year New Zealand blocked the sale of a giant sheep- and cattle-station to Shanghai Pengxin, one of the disappointed bidders for S. Kidman & Co.’s leases.
Australia really doesn’t want the Chinese to own a big chunk of its land.
In the latest chapter in a protracted back-and-forth over the sale of Australian company S. Kidman & Co., Australia’s treasurer said Friday that he is poised to block a Chinese consortium’s bid to buy the agricultural giant.
Scott Morrison told Dakang Australia Holdings, which is led by Shanghai Pengxin Group, that he is concerned with the “size and significance” of the $285 million purchase of what equates to 1% of Australia’s landmass. Because Kidman is being sold as a “single aggregated asset,” it’s difficult for Australia bidders to compete for the company, Morrison said, according to the Financial Times.
Kidman, a family-owned business, was founded in 1899 by so-called cattle king Sidney Kidman. It controls more than 11 million hectares of pastoral leases and owns about 185,000 cattle.
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