For Chinese companies interested in investing in Australian industry, it is important to have an appreciation of the Australian foreign investment regime.
International partner;
Head of China practice
Blake Dawson
The operations of the Foreign Investment Review Board (FIRB) and Australian policy towards Chinese investment in the resources sector in particular, have gained prominence in recent times given the outcome of high-profile deals such as Sinos- teel’s potential investment in Murchison Metals (which was capped by the FIRB at 49.9%); Wuhan Iron and Steels’ bid to take a 50% stake in Western Plains Resources’ magnetite project in South Australia (which wasblockedbytheDefenceDepartmenton “safety, operational and national security grounds”); and Chinalco’s failed A$28 billion (US$25.6 billion) proposed alliance with Rio Tinto.
A significant recent development is the amendment of the foreign investment framework which increases notification thresholds for private investment. Investments below these thresholds can proceed without notifying the FIRB.
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Michael Wadley heads Blake Dawson’s China practice. PC Feng is a legal consultant in Blake Dawson’s Shanghai office.
Blake Dawson Shanghai office
Suites 3408-10, CITIC Square,
1168 Nanjing Road West, Shanghai
Postal code: 200041
Tel: 86 21 5100 1796
Fax: 86 21 5292 5161
Email: michael.wadley@blakedawson.com
