Australia’s largest cotton farm begins a new chapter
24/01/2013
Cubbie Station, in Southern Queensland, was bought by a group led by Chinese textile firm Shandong RuYi and Australian wool company Lempriere in August.
It went into voluntary administration, owing $300 million, in 2009.
At the end of December, Australian trade minister Craig Emerson released a joint China-Australia study promoting investment in commercial farming projects, and which said China could be more involved in developing the remote north for beef and sheep meat.
But the joint report highlighted concerns from Chinese investors over Australia's foreign investment rules, and a lack of clarity over the "national interest" test, which gives the Treasurer the right to veto any investment which is against Australia's national interest.
Meanwhile, concerns were raised in Australia over the amount of farm land being sold to foreign investors, prompting an inquiry by its Senate.
Share this story:
