Aus will block foreign sale of cattle enterprise

2015-11-19 18:44

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Sydney - Australia vowed to block foreign buyers from acquiring the country's largest cattle enterprise, citing security concerns, local media reported on Thursday.

The federal government would block the sale of S Kidman & Co, whose holdings include 185 000 cattle and land covering more than 100 000km², if the buyers turned out to be foreigners, said Treasurer Scott Morrison, according to the broadcaster ABC.

Two Chinese companies were reportedly among the top bidders.

"The parcel of land that we're talking about is about 1.3% of Australia's landmass, about 2.6% of the agricultural land in this country," Morrison said.

"We welcome foreign investment, but as treasurer I will always make sure that that investment is done in Australia's national interest," Morrison added.

Bids for the enterprise were said to have exceeded A$350m ($250m).

Part of the property, Anna Creek Station, lies inside the Woomera defence weapons testing area in central Australia, the report said.

Overseas buyers have bought other large Australian properties. Chinese billionaire Xingfa Ma paid A$47m for two cattle stations in the Northern Territory in July.

Read more on:    australia

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