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ODI to Australia to rise

(Global Times)

08:37, August 02, 2012

Chinese investment into Australia is likely to continue to rise, as Chinese State-owned enterprises (SOEs) have shown strong overseas commercial motivation and they operate in a manner similar to many international companies, according to a report by KPMG and University of Sydney's China Studies Center Wednesday.

Separately, China has approved Hanlong Mining's $1.3 billion takeover bid for Australian iron ore developer Sundance Resources.

"We have gotten approval from the National Development and Reform Commission. It was approved Monday," a media officer from Hanlong, which already owns 17 percent of Sundance, said Wednesday.

Australia has been the biggest single destination for Chinese outward direct investment (ODI) worldwide over the past six years, attracting total investments of $45.1 billion, dominated by China's SOEs. Almost 80 percent of the investments were directed into mining industries, according to the report.

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