Chinese Ownership of Australian Farming Land Surpasses 3 Million Hectares
Chinese ownership of Australian farming land has climbed above three million hectares, more than twice the surface reported by the Australian Taxation Office (ATO) just three months ago. The boom is the result of major land sales in Western Australia, led by real estate developers Shanghai Zhongfu, who purchased the 476,000-hectare Carlton Hill station for $100 million and Shanghai Zenith, the Australian arm of real estate developer Shanghai CRED.
Danny Thomas, regional director of agribusiness with real estate consultant CBRE, said the boom in Chinese investment in Australia reflected the interest from foreign investors worldwide.
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