Investment in agricultural land by Chinese investors increased by 13 million hectares, or 880 percent, in the year to June 30, 2017. (photo by the Daily Telegraph)
In the year to June 30, 2017, the number of Australian land owned by foreign investors was on the decline, but the amount of agricultural land invested by Chinese investors increased by 13 million hectares, an increase of 880 percent, according to the Daily Telegraph.
On Friday, the Australian Revenue Authority, (ATO), released a report entitled "Registration of Foreign ownership of Agricultural Land", which shows that in the year ending June 30, 2017, Foreign investment in Australia`s agricultural land from 52 million hectares to 50 million hectares. But China`s investment in agricultural land jumped from 1.46 million hectares to 14.4 million hectares, with at least one investor coming from China of 14 million hectares and another 9.1 million hectares wholly owned by Chinese companies.
The report also showed that about 13 percent of Australia`s agricultural land was owned by foreign investors as of June 2017, down from 14 percent in 2016.
Investment in agricultural land by Chinese investors increased by 13 million hectares, or 880 percent, in the year to June 30, 2017. (photo by the Daily Telegraph)
Chinese investors are Australia`s second-largest investor in agricultural land, which accounts for 25 percent of all foreign-held land in Australia. However, Chinese investment in Australian agricultural land has peaked since August last year, when Beijing took steps to limit capital outflows. Britain accounts for 27%. American investment in Australia`s agricultural land has fallen sharply.
At present, South Australia, Kunzhou and the Northern Territory of foreign land has declined, but Western Australia has increased.
Treasury Secretary credit Mok Suisse (Scott Morrison) said foreign trade and investment will create jobs for Australians, and the government has pledged to increase transparency in Australia`s agriculture and foreign investment, step up scrutiny and ensure that foreign investment does not run counter to national interests.
The Australian government has previously forced overseas investors to sell 134 million of residential and agricultural land.
