Owner of WA avocado farm annoyed by Chinese investor's premature announcement

Owner of WA avocado farm annoyed by Chinese investor's premature announcement
Owner of WA avocado farm annoyed by Chinese investor's premature announcement

A large Chinese pig, poultry and stockfeed company, Shenzhen Kondarl, has told the Shenzhen stock exchange it is close to finalising the purchase of Australia’s biggest avocado farm for as much as a billion Chinese yuan ($192 million).

But Neil Delory, the Australian owner of Jasper Farms at Busselton, Western Australia, stated that no deal had been done.

He confirmed that two of his highly productive avocado farms were being offered to both local and overseas investors through Ernst and Young, but said he was confused by the announcement.

Mr Delory said no memorandum of understanding for the sale had been signed with the Chinese company, and that Australian bidders were still in the race.

It is believed that the announcement may have been a signal to investors that it has permission to spend a billion yuan for purchasing a property or business outside of China.

Such a large farm purchase would also require permission from Australia’s Foreign Investment Review Board.

Mr Delory admits that the announcement especially annoyed him as it has caused confusion for his brother Russell Delroy who has an avocado farm under the trading name Delory Orchards and supplies 25 percent of Coles supermarkets’ avocado demand.

Tags: 
Farm Sale Chinese Investment

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