The 2.9m hectare portfolio of East Kimberley cattle stations is being offered by Chinese-Australian property developer Hui Wing Mau.
Rich Lister Hui Wing Mau, founder and majority owner of debt ladden Chinese property developer Shimao Group Holdings, has put a WA cattle station portfolio almost as big as Belgium on the market with an asking price of about $250 million.
In July, Shimao was unable to sell a huge land portfolio in China the size of 34 football fields despite offering it at a 20 per cent discount to its valuation.Mr Hui – through his Archstone Investment Group – bought a big slice of Australia’s beef industry in 2017 when it paid about $70 million forMr Hui later added another 1 million hectares to his cattle empire when he bought the Argyle Cattle Company, which comprises Beefwood Park, Shamrock, Moola Bulla and Mount Amhurst Stations.
Mr Hui, formerly known as Xu Rongmao, holds Australian citizenship after studying for an MBA at the University of South Australia in the 1990s. His family lived in Darwin for a period.“This business was essentially built around putting together an aggregation of properties that were close enough to work together to create key efficiencies, with potential to develop in a way that would escalate production,” said the portfolio’s general manager, Haydn Sale.
Water is in abundance throughout the properties, with frontage to the Margaret River, Mary River, Louisa River and Christmas Creek, in addition to extensive underground water resources.
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