Demystifying Chinese Investment in Australia 2012.pdf

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China’s outbound direct investment in Australia |
Demystifying Chinese Investment
| 1
CHINA STUDIES CENTRE
Demystifying Chinese
Investment
China’s outbound direct
investment in Australia
Update August 2012
kpmg.com.au
2 |
Demystifying Chinese Investment
| China’s outbound direct investment in Australia
© 2012 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”),
a Swiss entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International Cooperative (“KPMG
International”). Liability limited by a scheme approved under Professional Standards Legislation.
China’s outbound direct investment in Australia |
Demystifying Chinese Investment
| 3
Foreword
Despite an intensity of interest in China’s direct
investment in Australia and elsewhere around the world,
the nature and distribution of China’s outbound direct
investment (ODI) in this country is poorly understood.
In-depth analysis has been limited by persistent difficulties in obtaining reliable
Chinese data. And a lack of understanding about the characteristics of Chinese
investors, their corporate governance structures and deals has affected both
policymakers’ and public perceptions about Chinese ODI. Consequently, many
questions about China’s investment profile and motivations remain unanswered,
provoking speculation and unwarranted anxieties about the speed and extent of
Chinese investment.
KPMG and The University of Sydney China Studies Centre have, in the past
21 months, undertaken a thorough review of Chinese direct investment in
Australia. Our assessment method and dataset provide arguably the most detailed
and up-to-date information on Chinese ODI in Australia. This report expands on the
findings of our business intelligence series for engaging with China
1
, extending
our analytical coverage to 30 June 2012.
We provide greater clarity and detail on the nature and distribution of China’s
investment flows to Australia, the types of investors involved, their entry
strategies and a more comprehensive and up-to-date analysis than has been
recently available in the marketplace.
Informed and constructive discussion by businesses and among policymakers
about the nature and extent of China’s ODI in Australia is critical for stimulating
greater opportunities for engagement between Australian and Chinese
organisations and determining our prosperity in the decades ahead.
Doug Ferguson
Partner, China Practice
KPMG Australia
Professor Hans Hendrischke
China Studies Centre
The University of Sydney
1
KPMG/The University of Sydney China Studies Centre:
Australia & China: Future Partnerships 2011
and
The Growing Tide – China Outbound Direct Investment in Australia,
November 2011
© 2012 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”),
a Swiss entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International Cooperative (“KPMG
International”). Liability limited by a scheme approved under Professional Standards Legislation.
4 |
Demystifying Chinese Investment
| China’s outbound direct investment in Australia
© 2012 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”),
a Swiss entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International Cooperative (“KPMG
International”). Liability limited by a scheme approved under Professional Standards Legislation.
China’s outbound direct investment in Australia |
Demystifying Chinese Investment
| 5
China’s investment inflows
– a clear picture
Commercial
pressures on
Chinese companies
have increased
significantly in
recent years,
with investment
decisions being
driven more by the
desire for attractive
profit margins than
by any political
considerations.
The story of China’s ODI in Australia
and the world is remarkable.
Outbound investment flows were
relatively modest from the start of
China’s economic reforms in the
late 1970s to around 2005. In the
ensuing years, a powerful drive for
resources security and commercial
competitiveness saw Chinese
companies investing abroad in an
intensifying quest to seek higher-value
assets in developed countries such
as Australia.
Commercial pressures on Chinese
companies have increased significantly
in recent years, with investment
decisions being driven more by the
desire for attractive profit margins than
by any political considerations.
For the period from September
2006 to June 2012, a total of 116
completed deals were recorded.
During this period, an accumulated
USD 45.1 billion was invested by
Chinese enterprises in Australian
businesses
2
.
Total investment inflows jumped
10 times in one year, from USD 1.5 billion
in 2007 to over USD 16 billion in 2008.
Chinese investment in Australia hit
a high point in 2008 after the Chinese
Government’s announcement of its
‘Going Global’
policy several years
earlier which encourages Chinese
companies, particularly large ones,
to look beyond the domestic market
and engage in direct investment abroad.
Investment inflows from China
slowed markedly in 2009, and further
in 2010. The collapse of the Chinalco
and Rio Tinto deal, as well as
uncertainties surrounding the impact
of Australia’s then-proposed Minerals
Resource Rent Tax and carbon
price may also have contributed to
the decline. However, during 2011,
investment flows were on the rise
again, reaching USD 9.4 billion and
exceeding 2009’s USD 8.5 billion total.
In the first half of 2012, investment
flows reached USD 5.7 billion, due to
the successful completion of several
large deals, including the merger of
Yancoal Australia and Gloucester Coal,
and the acquisition of Anvil Mining by
China’s Minmetals.
3
Chinese investment in Australia by year
3
18000
Investment (million US dollars)
16000
14000
12000
10000
8000
6000
4000
2000
0
2007
2
2008
2009
3
2010
2011
2012 Q1-Q2
Source: KPMG/The University of Sydney database
KPMG/The University of Sydney database.
2007 (full calendar year) to June 2012
© 2012 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”),
a Swiss entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International Cooperative (“KPMG
International”). Liability limited by a scheme approved under Professional Standards Legislation.

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