Category: FIRB

Australian Treasurer Blocks Chinese Investment in Strategic Rare Earth Producer

February 28, 2023
AustraliaBusiness & MarketsChinaChina-Australia RelationsChinese investmentcritical mineralsenergyFIRBInternationalInternational RelationsJim ChalmersPeter DuttonWorld
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A Chinese-backed company’s attempt to increase its stake in a strategically vital rare earth producer has been blocked by the federal government. Yuxiao Fund, a Singapore-registered company, sought to increase its ownership in Northern Minerals from 9.9 percent to 19.9 percent but the move was stopped by Australian Treasurer Jim Chalmers, who signed a prevention…

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Australia Rejects $300M Chinese-Bid for Construction Giant Probuild

January 11, 2021
AustraliaAustralian Foreign Investment RegimeChinaChina Business & EconomyFIRBforeign investmentInternationaljosh frydenbergWorld
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A multi-million dollar bid by one of the world’s largest construction firms to acquire a majority stake in Australian-based Probuild has been blocked by the foreign investment regulator and Treasurer Josh Frydenberg. The almost $300 million bid by the state-owned China State Construction Engineering Corporation (CSCEC) to acquire an 88 percent stake in Probuild was…

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Australia Allows Chinese Purchase of Gold Miner While Canada Says ‘No’

December 31, 2020
AustraliaCanadaChinaChina Business & Economychina goldFIRBgoldInternationalrare earthShandong GoldWorld
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China’s second-largest state-owned gold mining company Shandong Gold has won a bidding war to gain control of Australian gold miner Cardinal Resources. This comes after Five Eyes’ partner Canada blocked Shandong from acquiring a local mine in the strategically important Arctic Circle. Over a seven-month period, the state-owned Shandong Gold vied mainly with Russian firm…

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Australia Launches Campaign to Stop Breaches in Foreign Real Estate Investment

December 22, 2020
AustraliaAustralian Foreign Investment RegimeFIRBForeign Property InvestmentTip-off HotlineTreasurerWorld
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In a move to enhance regulation of foreign investment, the federal government has launched a new campaign urging Australians to dob in foreign residential property purchasers via a dedicated platform run by the Australia Tax Office (ATO). Treasurer Josh Frydenberg is hoping that the Tip OFF campaign will encourage people to report suspicious purchases or…

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