Chinese state group announces acquisition or lease of agricultural land in Latin America

15 March 2011

Beijing, China, 15 March – Chinese state group Heilongjiang Beidahuang Nongken plans to buy or lease 200,000 hectares of arable land in Latin American countries, such as Brazil, the chairman of the group said Monday in Beijing.

Sui Fengfu said that the acquisitions would be made this year and that the group also planned to invest in countries such as Russia, the Philippines, Australia and Zimbabwe.

“In Venezuela and in Zimbabwe the group will mainly provide machinery and a workforce and, in exchange, will keep 20 percent of the crop. In Australia it plans to buy land for cropping and in Brazil and Argentina the business model will involve leasing the land,” said the group’s chairman.

China, which has a population 11.34 billion people, has an agricultural deficit that has led the authorities to try to obtain production areas outside the country. (macauhub)

Founded in 1998, the Heilongjiang Beidahuang Nongken Group Company is a large state company specialised in agricultural products and producing meat, dairy products and fish and has estimated assets of 50 billion yuan and annual turnover of 26.8 billion yuan. (macauhub)