PengXin Group, the Chinese real estate, agriculture and infrastructure conglomerate, is bidding for two Australian companies being sold separately, Consolidated Pastoral Company and S.Kidman & Co. Buying both could cost more than $1bn and if successful, PengXin could become the biggest owner of farmland in Australia. The deal would also give China a foothold in Australia’s beef industry, which has been hit by rising feed costs as global demand rises.
PengXin Group, the Chinese real estate, agriculture and infrastructure conglomerate, is bidding for two Australian companies being sold separately, Consolidated Pastoral Company and S.Kidman & Co. Buying both could cost more than $1bn and if successful, PengXin could become the biggest owner of farmland in Australia. According to sources close to the matter, PengXin could use Consolidated Pastoral Company's cattle stations in Northern Territory, Queensland and Western Australia's north to supply beef to the Asian market and S. Kidman & Co to supply meat to the Australian market.