Treasurer Josh Frydenberg is giving Chinese conglomerate Shandong Ruyi more time to negotiate the sale of part of Australia's largest cotton farm, four years after the company was first required to reduce its stake in the sprawling Queensland property.
Josh Frydenberg says Shandong Ruyi has advised him that the company is"currently in advanced negotiations to sell down its interest in Cubbie".Cubbie Station was purchased by Shandong Ryu in 2012 for around $250 million but the foreign investment was only approved by then treasurer Wayne Swan on the condition the group would quickly reduce its ownership from 80 per cent to 51 per cent.
Shandong Ruyi, which owns Cubbie Station alongside Dubbo businessman Roger Fletcher, was originally required to reduce its stake by October 2015.As the 2019 deadline approached,Shandong Ryu had requested another extension because it was in talks with Macquarie.Cubbie Station in south-west Queensland was sold for $240 million in 2013 to a Chinese-led consortium.
“I am not going to comment further due to commercial confidentiality and privacy law requirements,” he said. The company, led by textiles billionaire Qafu Yi, also controls British tailors Gieves and Hawkes and Swiss luxury brand Bally.
So afraid of Chinese influence in Australia, but quite happy to sell our land to them!!!
Water water water Govt should by them out and stop cotton farming on this land
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