Foreign ownership laws hinder land sale
Posted
The limitation on foreign ownership of Australian assets is creating a hurdle in the sale of one of the Kimberley's largest cattle properties.
Ruby Plains station and the Sturt Creek outpost were passed in at auction two weeks ago at $38 million.
Owner, S Kidman and Co was hoping to fetch about $50 million for the 800,000 hectare property.
Selling agent Landmark says negotiations with a number of potential buyers have not met expectations and the properties have now been listed for private sale at $44 million.
Landmark says several overseas parties have shown interest in the properties, but legislation that only allows 50 per cent foreign ownership in Western Australia has prevented a swift sale.
