Company buys $53m cattle station from Chinese billionaire
A QUEENSLAND pastoral family has purchased a cattle station on the Queensland and Northern Territory border from one of China's richest men for $53 million.
The McMillan Pastoral Company bought the Wollogorang and Wentworth Stations, one property in the Gulf of Carpentaria this week, with the deal reportedly settling on Tuesday.
Ray White listed the 700,000-hectare site, with 80 kilometres of coastline and about 27,000 cattle.
Agent Wayne Bean declined to comment on the sale.
The properties were purchased from China businessman Xingfa Ma, whose company TBG Agri Holdings bought Wollogorang and Wentworth for $47 million in 2015.
The McMillan Pastoral Company is operated by the McMillan family, which manages cattle across several properties in the Cloncurry region of North West Queensland.
McMillan Pastoral Company also owns Calvert Hills, at Borroloola in the NT, which they purchased in 2015 for $15 million.
Managing director of TBG Agri Holdings Andrew Blythe told ABC Rural in August the station had been "a great property" for the company, but it was looking to refocus its investments.
"We're focusing back on our investments in Western Australia," he said.
"So we're focusing on those operations and developing a boxed-meat product for China for our shareholders."
About $7 million has been invested into the property by TBG Agri Holdings.
Originally published as Qld company buys $53m cattle station from Chinese billionaire