Australia faces fresh test on Chinese investment
Posted by seumasach on August 4, 2016
“In March Australia tightened its foreign takeover rules to ensure all sales of ports, electricity networks and other public infrastructure were scrutinised by the Foreign Investment Review Board. This followed the contentious A$506m sale to China’s Landbridge Group of a 99-year lease on Darwin port — a strategically important area as US marines are stationed at a nearby naval base — without a formal review by Firb.”
“Mr Xenophon expressed concern about State Grid’s market dominance if its bid was successful. He also asked whether Canberra had sought the advice of the intelligence and defence forces in relation to the proposed sale, adding that he intended to table a bill to tighten Australia’s foreign investment rules when parliament resumed.”
24th July, 2016
The newly elected government of Australian Prime Minister Malcolm Turnbull is set for its first big test on foreign investment, with two Chinese companies bidding for control of the country’s largest electricity network.