Rinehart, Chinese to buy cattle empire

Written on the 17 October 2016

Gina Rinehart has struck a $365 million deal with a Chinese partner to buy a majority stake in the Kidman pastoral empire that will make her Australia's biggest cattle baron.

Mrs Rinehart's Hancock Prospecting and Shanghai CRED Real Estate Stock announced yesterday their flagged deal with S. Kidman & Co, which requires approval under Australia's foreign investment regime.

The proposed transaction carves out properties near sensitive defence sites whose location contributed to the scuppering of an earlier proposal for Kidman to be sold to Shangahi CRED and another Chinese company.

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Source: The West Australian