Gina Rinehart has teamed up with Chinese real estate company Shanghai CRED to make a $365 million offer for Australia's largest landholding.
Mining magnate Gina Rinehart has diluted the political controversy over foreign ownership of Australia's largest cattle station, by teaming up with a minority Chinese partner.
After Scott Morrison rejected a Chinese bid for S Kidman & Co, debate has raged around the country over the merits and problems associated with foreign ownership of such a significant property.
Rinehart has effectively ended that debate, launching a $365 million bid for the historic cattle farm. Rinehart's private company, Hancok Prospecting, will hold 67% of the company, and Shanghai CRED 33% percent.
Hancock and Shanghai CRED will create a joint venture company, Australian Outback Beef. The deal will be conditional on the sale of Anna Creek station and The Peake in South Australia.
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