Australia Pastoral Land
Cows wade through a flooded field following heavy rains in the southern New South Wales town of Wagga Wagga, Australia, October 2, 2016. Reuters/Jason Reed

Hancock Prospecting, owned by Australia’s richest person Gina Rinehart, and Shanghai CRED, a Chinese property developer, made a $365 million bid on Sunday for the pastoral empire of S. Kidman and Co. Hancock would acquire 67 percent of the cattle land and Shanghai CRED 33 percent, meeting the government’s requirement of the buyer being majority Australian-owned.

While previous offers from two bids led by Chinese companies were turned down by Canberra over national interest concerns, this new bid got the thumbs up from One Nation Senator Pauline Henson. Although she prefers a 100 percent Australian buyer, being majority Australian-owned is okay with her.

Henson congratulated Rinehart for bidding for Kidman. “I would rather Australia have two thirds in Kidman station, rather than the total ownership and control by the Chinese or any other foreign investor,” ABC quotes the senator.

Gina Rinehart
Australian mining heiress and Chairman of Hancock Prospecting group Gina Rinehart prepares to award medals to competitors at the Australian Synchronised Swimming Championships in Sydney, Australia, April 25, 2015. Reuters/Jason Reed/File Photo

Unlike Tasmanian Senator Jacquie Lambie who claims the Chinese companies could influence Rinehart Henson says the fear is baseless since Rinehart, besides having controlling interest, has a track record in business, having learnt from her father, and she has done an excellent job in running her mining empire.

The Australian says the Treasurer is preparing to consider Hancock and Shanghai CRED’s new offer and is expected to approve the sale. Part of the government objection to the previous bid in November is that part of the holdings include a weapons testing area, a rocket testing range next to the Anna Creek station in South Australia. The area is excluded from the sale, MSN reports.

John Crosby, chairman of Kidman, welcomes the new bid because it is a significant investment, the purchase price is welcome and he is confident the business would be in good hands. Rinehart has a family history in outback agriculture over generations and has also acquired cattle stations in SA and Northern Territory in recent years amid weakness in the mining industry.

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