Plans to privatise Lindeman Island National Park land, Chinese developers to build accommodation exclusive for wealthy tourist

NEARLY 37 hectares of Lindeman Island National Park will be privatised if the recommendations of an Environmental Impact Statement (EIS) released this afternoon are approved. The EIS details plans to privatise Lindeman Island National Park and place it in the hands of Chinese company, Whitehorse Developments, which will create exclusive accommodation for wealthy tourists. The…

Whyalla steelmaker Arrium to be sold to British company Liberty House

South Australian steelmaking business Arrium is to be sold to a British company and not the Korean consortium identified as the preferred bidder, the state’s Premier Jay Weatherill has confirmed. The business will be sold to Liberty House which is part of London-based GFG Alliance, with all Whyalla steelworkers expected to keep their jobs. “The…

Chinese billionaire buys Sydney’s Exchange Centre

One of China’s largest toy manufacturers, Chinese – Hong Kong billionaire Francis Choi, has emerged as the likely buyer of the Exchange ­Centre in Bridge St, Sydney. The near $340 million deal has sent shockwaves through the ­office market in Australia. The Guangdong Province native is a self-made billionaire who opened his first factory in…

Super funds call for register of foreign owned farms 

Industry superannuation funds have called for tougher foreign investment rules around Australian agriculture as they seek to ramp up their investment in the sector. Industry Super Australia, which represents not-for-profit industry funds, said quality Australian farming assets were being cherry-picked by foreign investors. Chief economist Stephen Anthony has called for a government register of foreign…

Elders sells live export business to Chinese & Australian owned entity

THE managers of Elders’ live export business, North Australian Cattle Company, have joined forces with Chinese outfit Zhoushan Fanda Australian Cattle Industrial to purchase the operation. Elders said an Australian & Chinese owned entity, Zhoushan Fanda Australia Cattle Co, or Fanda, and the current managers of NACC will be the new owners of the livestock…

Chinese investment in real estate grows to $32b: FIRB

Chinese investors topped the list of foreign investment approvals for the financial 2016, and have pledged to invest $47.3 billion in Australia, mainly in real estate, the latest Foreign Investment Review Board annual report shows. The figure is similar to the previous year when $46.6 billion in approvals was awarded to Chinese investors. Of China’s…

Aus owned Ansell sells condom division to Chinese consortium for $800 million

After 112-years of Australian ownership Ansell will sell its condom business to a Chinese consortium for $800 million. Ansell says the time is right to exit the fluctuating sexual wellness market and focus on rubber gloves. Ansell’s history dates back to 1905, when Eric Norman Ansell bought a condom machine from his employer, the Dunlop…

Foreign investment jumps 29 per cent to $248 billion last year

Victoria has emerged as the focus for overseas buyers of Australian homes, attracting 44 per cent of residential purchases by foreign investors last financial year. NSW, with 32 per cent of residential home purchases, was the second most popular state for an inflow of foreign property investment, according to the Foreign Investment Review Board’s 2015-16…