Sunday, April 22, 2018

Chinese billionaire Li Ka-shing quietlybecomes Australia's second-largest vineyard owner

Chinese billionaire Li Ka-shing quietly

becomes Australia's second-largest vineyard owner

As the government cracks down on foreign investment in agricultural land, one person set to attract more scrutiny is Asia's richest man, Li Ka-shing, who has quietly become the second-largest owner of vineyard holdings in Australia.

Australian vineyards are changing hands as winemakers seek cash to build their brands.
Australian vineyards are changing hands as winemakers seek cash to build their brands. Monique Patterson

When the federal government's new register for foreign investment in agricultural land comes into force, one person set to attract more scrutiny is China's richest man, Li Ka-shing. His companies have been busily buying up vineyards to become the second-largest owner of vineyard holdings in Australia.
The Hong Kong-based 86-year-old is worth an estimated $30 billion and best known in Australia for having amassed a large portfolio of electricity assets and gas distribution pipelines. He's also become a dominant player in controlling the grapes that go into wine.