Chinese company Rifa offloading some of its Australian agribusiness portfolio
Chinese owned farming operation Rifa Salutary Pty Ltd is offering its NSW and Victoria based agribusiness portfolio to the market.
Owned by China's Zhejiang Rifa Holding Group, it was Rifa's first Australian agriculture purchase in 2014.
It has since acquired a total of 14 properties in Western Victoria and Northern NSW.
The properties combined land area totals roughly 44000 hectares and Rifa has expectations of selling it for around $150 million.
The largest farm Rifa purchased was the the 22,548 hectare Cooplacurripa Station that runs 5,000 head of cattle for a reported $29 million.
Other purchases by Rifa include two properties adjacent to Cooplacurripa – the Kerriki and “Number One” for $3.5 million – that have a combined acreage of 1,457 hectares.
Plus four additional acquisitions totaling 4,050 hectares – Highland Plain, Avondale, Stonefield, and a portion of Durkin at Warialda have also been purchased for between $12 million and $14 million.
The director of Rifa Salutary and Vice President of Rifa Holding Group, Bobby Jiang, said the company felt the time was right to capture value as a result of completed expenditure and improvement programs, combined with the growth in land value.
RIFA has also invested in specialist machinery and textiles, aeronautics and aviation, as well as finance and agriculture both in China and around the world.
