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ARTICLE · 24 NOVEMBER 2012

Chinese Investment - A New, Bolder Approach

Corrs Chambers Westgarth
Corrs Chambers Westgarth
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Corrs Chambers Westgarth

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Backed by their government, China's private investment firms are actively seeking investment opportunities in Australia.

AustraliaInternational Law
Stephanie Daveson (Formerly With Corrs Chambers Westgarth)
Stephanie Daveson (Formerly With Corrs Chambers Westgarth)
Lizzie Knight
Lizzie Knight
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When the wind changes, some build walls, others build windmills

Backed by their government, China's private investment firms are actively seeking investment opportunities in Australia. Will they adopt the same 'friendly' investment approach of China's state-owned enterprises or forge a bolder path?

Cathay Fortune's hostile bid for Discovery Metals is remarkable. Not since Sinosteel's 2008 takeover of Midwest have we seen a Chinese investor snub an Australian company's board and go directly to shareholders with an offer. Chinese investors are usually at pains to make acquisitions friendly affairs, reflecting a preference for harmony in their business dealings.

The offer is also noteworthy because Cathay Fortune is a private equity firm and not a state-owned enterprise (SOE). SOEs have traditionally dominated China's outbound investment program largely because PRC government policy provided them access to capital at preferential interest rates. In Australia, SOEs

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