Chinese continue moving on Australian properties including agriculture

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Chinese continue moving on Australia's properties including agriculture

China's grip on Australia's agricultural sector is growing with a Chinese investment firm making a strategic purchase in one of Australia's oldest wineries, Bleasdale at Langhorne Creek, South Australia.

The winemaker's Asian distributor Monita, owned by Hong Kong importers Charles Poon and Raymond Ran, have purchased a 10% stake in Bleasdale alongside an investment by South Australian family pastoral business AJ & PA McBride who will hold a 38 per cent stake in Bleasdale.

The Potts family, which founded the winery in 1850, will have a 52 per cent interest and have two seats on the six member board and managing director Peter Perrin said the investment opportunity which included the 2,000 tonne estate winery, vineyards, bottling hall and seven day cellar door had come about late last year.

Chinese firms have been eager buyers of Australian agricultural assets in the last few years, buying up wineries, sugarcane, cattle businesses and farm land.  Mainland firm Bright Foods bought Manassen Foods for $418 million in 2011, and last year a Chinese consortium purchased Queensland's Cubbie Station cotton property which hold the largest water supply of any Australian land holding for $232 million.

It has been rumoured for some time that Bright Foods was also keen to buy Treasury Wine Estates, one of the world's biggest winemakers and owners of brands such as Penfolds, Wolf Blass and Rosemount.

Of course the Chinese buy up is not restricted to agriculture, it is wide spread right across the entire spectrum of all sectors and according to Harry Triguboff one of Australia's wealthiest property developers, the Chinese take over is one of the most sustained, substantial and enduring of Australian property acquisitions in recent history...