A sprawling 2.9 million-hectare Kimberley pastoral empire owned by a Chinese property mogul has hit the market one year after rumours first surfaced of its impending sale.
A sprawling 2.9 million-hectare Kimberley pastoral empire owned by a Chinese property mogul has hit the market one year after rumours first surfaced of its impending sale.
The size of billionaire Hui Wing Mau’s Kimberley portfolio sale, believed to be worth north of $250 million, eclipses Gina Rinehart-backed Kidman & Co’s 2.4-million-hectare station selloff in April.
Portfolio general manager Haydn Sale said the portfolio’s reliable water and feedyard production potential made it an attractive prospect.
“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,” Mr Sale said.
“Over the past seven years we have put in place strategic watering points, fencing, yard, road and accommodation infrastructure to increase carrying capacity and create an entity that does not require management on every property, but can be run from a centralised management group, with teams deployed as needed.
“There is, however, still scope to further grow efficiencies and water development – and again increase the number of stock that can be run across the aggregation.”
The portfolio is being marketed by agriculture-focused agency LAWD.
The Kimbeley sale comprises about 2 million hectares worth of leases over Yougawalla, Bulka, Margaret River, Moola Bulla, Mt Amhurt and Beefwood Park stations in the East Kimberley, and Shamrock Station south of Broome.
The latter four stations comprising the Argyle Cattle Company, once owned by South African interests, were pursued by Ms Rinehart in a $65 million deal in 2014 which fell over at the eleventh hour.
Hui-backed Archstone Investment Group bought them in a then-WA-record $100m deal in 2016.
Archstone followed that up one year later with the $70 million purchase of the Yougawalla Pastoral Company (Yougawalla, Bulka and Margaret River stations) from current manager Mr Sale and his partners, advertising mogul Harold Mitchell and former Seven West Media director Doug Flynn.
Sub-leases over about 900,000 hectares of Indigenous-owned East Kimberley stations Louisa Downs, Mt Pierre, Carranya, Lamboo and Lake Gregory will also be included in the portfolio, as will a 153,475ha agistment agreement.
Yougawalla made history in 2021 after completing the first muster at Lake Gregory station for 30 years.
The portfolio features frontage to the Margaret, Mary and Louisa rivers, extensive underground aquifers, a 9500-megalitre irrigation licence on Shamrock Station, and a 210ha centre pivot irrigation system with approval for a further 294ha.
Rhodes grass is currently being grown on Shamrock Station to supply fodder for the portfolio’s 50,000 breeders.
LAWD senior director Danny Thomas said the portfolio would likely attract domestic and foreign interest.
“This aggregation is special in that you can breed, background and finish, and the owners have done an excellent job in putting together a significant landholding that can be run as a single entity, including irrigated land to finish stock,” he said.
“It is very rare to find a property in the region at this scale that can so easily pivot between live export to the north and the southern markets.”
Rumours first surfaced of the sale through Beef Central in late 2022 as China’s real estate sector imploded, but today’s announcement is the first time the move has been publicly confirmed.
Hong Kong-based Hui Wing Mau’s Shimao Group noted in its September interim report ongoing challenges in the real estate industry as it revealed an 11.5 per cent fall in property sales and 13 per cent decline in commercial property income.
The firm’s hotel arm, primarily comprising Hilton-badged hotels, recorded 43.5 per cent growth on the back of a recovering tourism market.
The Hui family’s Archstone agri-investment vehicle also owns NSW processor Bindaree Beef Group which it bought a 51 per cent stake in for $120 million in 2017.
Expressions of interest will close on November 9.
