Both of the bidders are already significant investors in the Australian electricity market. Officials have also ordered Chinese buyers to sell homes acquired in violation of Australia’s restrictions on foreign investment in real estate. They pointed out that the United States remains the country’s biggest foreign investor, with Chinese investment in Australia to date amounting to only one tenth of what America has spent. But local wariness toward China’s growing economic influence has risen in recent years amid a wave of Chinese takeovers of Australian businesses. In response, the Australian government, in accordance with its foreign investment review legislation, has been carefully vetting the sale of key assets to Chinese interests and has blocked several high-profile transactions.

Source: New York Times August 11, 2016 04:42 UTC