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Wednesday, 9 November 2016
Page: 3452

Purchase of S. Kidman & Co

(Question No. 37)


Mr Katter asked the Treasurer on 12 October 2016

(1) Can he confirm reports that an agreement has been reached between Mrs Gina Rinehart and Shanghai CRED Real Estate to jointly purchase the S. Kidman & Co properties.(2) Have any Government officials been involved in any such discussions; if so, (a) what was the outcome, (b) what Ministers, if any, have been involved in those discussions, and (c) what assurances can he provide to the Australian people that a majority ownership will not be shifted to the foreign corporation over the course of this partnership.


Mr Morrison: The answer to the honourable member's question is as follows:

An agreement between Mrs Gina Rinehart's Hancock Prospecting Pty Ltd and Shanghai CRED Real Estate to jointly purchase the S. Kidman & Co properties via a joint venture company Australian Outback Beef Pty Ltd was publicly announced on Sunday 9 October 2016.

No Treasury officials have been involved in the discussions between Hancock Prospecting and Shanghai CRED.

Based on the information that is publicly available, Australian Outback Beef Pty Ltd is required to seek the Treasurer's approval prior to making the acquisition as it meets the definition of 'foreign person' under the Foreign Acquisitions and Takeovers Act 1975 and the relevant monetary and other thresholds are met.

Given its existing holding in Australian Outback Beef Pty Ltd, any increased interest by Shanghai CRED would be subject to the Foreign Acquisitions and Takeovers Act 1975 and require FIRB and Treasurer approval

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