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Australia bans a deal with Chinese investors to sell a majority stake of Ausgrid

The country cites national interest concerns though such a decision may influence the bilateral trade.

20.Aug.16 10:46 AM
By Alesya Davydova


Australia bans a deal with Chinese investors to sell a majority stake of Ausgrid

Australia officially prohibits Chinese investors to take part in the bidding for a stake in the country’s largest power distribution grid Ausgrid, reports Australian officials explain that they will not let foreign investor to bid for strategically important stakes because of national interest concerns.

Australia is planning to sell a majority stake of 50.4 percent of New South Wales’ electricity distribution grid Ausgrid which is estimated US$7.5 billion. Two foreign investors – China’s government-held State Grid Corp of China and Hong Kong-based Cheung Kong Infrastructure Holdings, owned by billionaire Li Ka-Shing – have been bidding for the stake but Australian government decided that national interest prevail on potential investment.

Chinese commerce ministry warned that the actions of Australian government are sure to have a bad impact on the bilateral trade between two countries and the willingness of Chinese investors to help Australian economy.

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