Australia blocks sale of giant property portfolio

Posted by Simon Dehne on November 23, 2015 in Latest News with No Comments

eight_col_000_Hkg10231955S Kidman & Co has pastoral leases in several states that together cover about 101,000 square kilometres – an area roughly the size of the North Island excluding Northland.
Two Chinese companies, Genius Link Group and Shanghai Pengxin, were reportedly engaged in a $A350m ($NZ384m) bidding war over the holdings.
Selling the company would be against the national interest, Australian Treasurer Scott Morrison said.
Part of the property portfolio is inside the Woomera Prohibited Area (WPA), a military weapons testing range in South Australia.
“The WPA weapons testing range makes a unique and sensitive contribution to Australia’s national defence and it is not unusual for governments to restrict access to sensitive areas on national security grounds,” Mr Morrison said.

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