A decision by the government of Australia's Northern Territory to lease the Port of Darwin to the Chinese-owned Landbridge Group for 99 years has become a hot topic of debate among the nation's senior defense officials, reports the state-owned Australian Broadcasting Corporation (ABC).
The decision was reportedly made on Oct. 13 as part of a contract worth of AU$506 million (US$365.7 million). Under the agreement, the Landbridge Group will take an 80% ownership stake, while Australian investors will account for the remaining 20%.
Tracey Hayes, chief executive of the Northern Territory Cattlemen's Association, welcomed the deal as she believes it is vital to keep Australia's busiest port for live cattle exports running efficiently. "We think this is a significant step towards the development of the Territory and the growing of our economy," Hayes said.
Read the full story at Want China Times