Australia’s largest dairy operation broken up by Chinese owner in $62.5 million deal | Ralph-Lauren

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The Chinese owners of Australia’s largest dairy operation have sold off a dozen farms after a tumultuous few years.

The $62.5 million deal will mean  5,000 cows and 2,200 hectares of prime dairy country in Tasmania’s far north-west transferred to Melbourne-based asset manager Prime Value.

The sale marks a partial return to Australian ownership for the historic property, which was owned by a New Zealand council prior to its acquisition by Chinese businessman Xianfeng Lu in 2016.

Mr Lu said the sale of the 12 farms had “attracted many investors from all over the world”.

“This shows that farming in North West Tasmania is very popular,” he said.

“It is becoming the dairy industry centre of Australia.”Open in Tab

Xianfeng Lu at Cape Grim
Chinese businessman Xianfeng Lu bought Van Diemen’s Land Company in 2016 waves at Cape Grim, 2019.(

ABC Rural: Hugh Hogan

)

Van Dairy has faced numerous problems in recent years, from a mass resignation of its board in 2018 to serious concerns about effluent management uncovered earlier this year.

Mr Lu said the sale “delivers on our promise for Australian companies to own 10 per cent of the land”.

More to come



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