China investment in Australian farms rises ten-fold

Chinese investment in Australian farms increased ten-fold in the past six months, real estate agents said, as Australia relaxed rules governing residential property purchasing and buyers see opportunities in agriculture.

According to agents, Chinese buyers are interested in large-scale cattle farms, adding that they are cashed up and see a financial opportunity in Australia.

The interest in farms mirrors a trend in China's demand for minerals that helped the Australian economy avoid recession during the global financial crisis.

Australia's agriculture industry represents about 12% of the AUS$1.21 trillion (US$1.1 trillion) economy and the country has some of the largest farms in the world. Anna Creek, a South Australia state cattle ranch measuring 23,677 square kilometres (9,142 square miles) or almost the size of Belgium, is its biggest.