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China’s New Hope begins looking for more Aus food, agricultural investments

Chinese agribusiness giant, New Hope Group has opened an office in Sydney and begun searching for more investments in the local food, agricultural and healthcare sectors.

As the AFR reports, following the Group’s acquisition of majority share of Australian Fresh Milk Holdings, it has now bought vitamin and supplements company Australian NaturalCare.

The Group has said it plans to make $500 million investments in Australia and has named former Goldman Sachs banker and UBS Grocon real estate joint venture’s Nick Dowling as chief executive of its new Australian and New Zealand businesses.

As the Australian reports, New Hope chairman Liu Yonghao (pictured) said on Thursday he believes the Group’s presence in Australia is welcome.

“We feel as a company we have been approved by local authorities (here) for doing the right thing,” he said.

“By our investments here we have shown to local authorities that we bring more jobs, employment, market opportunities, capital and tax — and that we invest in our business to grow and expand with our local partners.

“We are very confident about investing in Australia.”

The Chinese Government has granted the Group approval to establish a bonded China-Australia food and agricultural Free Trade Zone on the Zhoushan Island near Shanghai and, as Liu told the Australian, he would like this to become a place where produce from Australia could be processed and then sold into China or exported elsewhere.

Image: www.grain.org

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