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Chinese investment in Australian farms rises 10-fold
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Saturday, 17 April, 2010, 08 : 00 AM [IST]
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Chinese investments in Australian farms increased 10-fold in the past six months, real estate agents said, as Australia relaxed rules governing residential property purchasing and buyers see opportunities in agriculture. They were interested in large scale cattle farms, they were cashed up and see a financial opportunity in a secure investment environment, said Geoff Hickson, real estate manager at Landmark Operations Ltd. There has been a big increase from Chinese buyers in the past six months, showing ten-fold.
Companies such as Landmark now use Mandarin translators, says Hickson, who last week showed Chinese potential buyers a 405-hectare cattle ranch near Macay, in Queensland state. The interest in farms mirrors a trend in China’s demand for minerals that helped the Australian economy avoid recession during the global financial crisis.
Australian agriculture industry represents about 12 per cent of the A41.21 trillion economy and the country has some of the largest farms in the world. “Interest from Chinese buyers has gained at least ten-fold and we sold a Queensland cotton farm last week for A$15 million to Chinese buyers,” said John Burke, an agent specialising in country properties for rural services company Elders Ltd.
However, some communities are concerned that buyers are interested in mineral deposits under the farms, rather than their agricultural production.
- Bloomberg
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