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BUSINESS & TECH

Australia Tightens Investment Rules as China Influence Grows

Tourists make their way through the lavender rows at Bridestowe Lavender Estate, which is domestically owned and not for sale, on Jan. 10 in Launceston, Australia. In September, the Australian Tax Office's Agricultural Land Register said the amount of Australian farmland owned by Chinese interests had grown tenfold over the preceding year. Photo: VCG
Tourists make their way through the lavender rows at Bridestowe Lavender Estate, which is domestically owned and not for sale, on Jan. 10 in Launceston, Australia. In September, the Australian Tax Office's Agricultural Land Register said the amount of Australian farmland owned by Chinese interests had grown tenfold over the preceding year. Photo: VCG

The Australian government has moved to limit foreign investment, prompting calls for fairness and transparency from China.

Australians will be given priority over foreigners in sales of farmland, and foreign buyers will face ownership restrictions when purchasing electricity distribution and transmission assets, Australia’s Treasurer Scott Morrison said Wednesday.

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