China spent a record US$246 billion buying up foreign assets last year, according to recently released figures.
Takeovers of Australian companies were a significant proportion of China’s mammoth spending spree, with the data showing that last year 72 percent of all foreign investments approved by the Australian government came from China.
These new figures underline the enormous buying power of the Chinese government, who are clearly prepared to pay huge sums to secure Australian national assets, from iconic farms to electricity grids to even water treatment plants.
It’s another reason to take a stand against Yancoal’s takeover of Newcastle Port. The Chinese state-controlled miner is currently bidding to buy up Rio Tinto assets in NSW, including a major stake in Newcastle Port – the world’s biggest coal export terminal.
The government have already given their approval for the deal, but it’s not too to stop it going ahead. Rio Tinto, the company that’s trying to sell off their stake in Newcastle Port, now has to put the deal to their shareholders, who can still vote it down.
The biggest Rio shareholders are Australian pension funds, who are owned by all us and who have to represent the views of their members. Click here to send them an automated email telling them why you want them to vote against this deal.