A Chinese-controlled consortium now owns Australia’s largest cotton farm.
Textile-manufacturer Shandong RuYi and Lempriere signed the sale agreement on Friday. However, the price has not been revealed.
The property’s sale was approved by the Federal Government following a recommendation by the Foreign Investment Review Board in August.
The 93,000-hectare property was placed in administration three years ago with debts of more than $300 million.
The new owners will have to report to the Foreign Investment Review Board every 12 months.
The sale has again highlighted the issue of foreign investment in Australia.-ABC
Dictatorship at work