One of China's billionaires has purchased the oldest continually settled cattle station in Australia's northern territory and its neighboring property, collectively boasting a coastline of 80 km along the gulf of Carpentaria in a 47 million Australian dollar deal.
The deal will give the billionaire control over 7,057 square km of land in the Northern Territory and Queensland, and add to his burgeoning property holdings in Australia.
Lex Heinemann, from Heinemann Rural, told Australia's national broadcaster on Thursday the private sale, which includes 40,000 head of cattle, took three months to negotiate and was finalized on Wednesday, having been through Australia's foreign investment review board.
"All that has happened and all approvals have been received. In fact, the property has been settled," Heinemann said. "Yesterday was the day that money changed hands."
The properties have been owned and operated by legend Australian cattlemen Paul Zlotkowski for over 40 years, turning it into a major cattle-producing operation.
The other agent involved in the sale, Danny Thomas from CBRE, said the Chinese billionaire would continue to keep the properties as substantial beef operations but added some of the land may be used for other purposes.
"I don't really understand, and I don't know that anybody really does, precisely what he might be thinking," Thomas said. " But he certainly was very attracted to the fact that it had that long ocean frontage and he was very attracted to how spectacularly beautiful the property is."
Thomas also said Australian producers were interested in the property, thwarting any public outcry.
"To get the record straight, the interest that is in northern Australia at the moment is not exclusively foreign," Thomas said." There are a whole lot of companies including the largest beef businesses in Australia who are looking to expand aggressively."
The Chinese billionaire also owns the Ferngrove Wine Group based in Western Australia's Great Southern region and has built a distribution network covering more than 60 retail outlets for his Australian produce throughout China.
