Chinese billionaire buys Australia’s biggest dairy farming company

Chinese billionaire Lu Xianfeng has bought Australia’s biggest dairy farming company after the government approved the sale.

Van Diemen’s Land (VDL), which has several dairy farms in Tasmania, officially changed hands after the deal got an all clear from Australia’s Treasurer Scott Morrison.

The approval for the U.S.$200 million deal came after Australia’s Foreign Investment Review Board found the sale met its “national interest” criteria, Xinhua said.

Originally, VDL had agreed to sell its 13 farms – with a combined area of 19,000-hectares and 18,000 milking cows – to Australia’s Tasfoods, for U.S.$180 million U.S. dollars, but the group’s New Zealand-based owner went back on the deal after receiving a better offer from Lu’s Moon Lake Investments, it said.

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