CIC Capital, China’s sovereign wealth fund, made a multibillion-dollar investment in infrastructure assets of Australia, Theaustralian.com.au reports on Monday.
The Fund will allocate $9.7 billion for a 50-year lease over Melbourne port in Australia and received a “conditional approval” for the lease on the part of the Foreign Investment Review Board.
Business and industry groups welcomed the project, which sale price is almost twice the original estimates.
This deal is the biggest privatization one concluded in Australian south-eastern state of Victoria for 20 years.
China is increasingly interested in investing in Australia, mostly is real estate. However, Beijing’s strategy to acquire ports assets all around the world spreads to Australia as well.