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11 April, 2016
Chinese investment in Australia has returned to positive growth[i], rising very strongly with a record number of deals taking Chinese investors into new industries – including healthcare for the first time – and new geographies. Investment into commercial real estate has made up for the drop in investment in the mining sector. The return of the mega deal, with seven investments of AUD500 million or more during the year, helped propel the total value of investment to USD11.1 billion (AUD15.09 billion), a 32.9 percent increase on the previous year in USD terms (or a 59.5 percent increase in AUD).
This was the second highest inflow year for new Chinese investment into Australia, behind the previous peak driven by mining sector investment in 2008. On an international stage, Australia maintained its position as the second largest recipient of aggregated Chinese direct investment between 2005 and 2015, behind the United States, attracting a cumulative USD78.7 billion during the period.
In Australia, commercial real estate[ii] remained dominant for the second year in a row, accounting for 45 percent of the total deal volume. There was also significant investment into renewable energy and health, and long-awaited growth in agriculture and agribusiness investment. Chinese investors also moved into new geographies, with the Northern Territory receiving over AUD565 million of investment for the first time. NSW remains the top destination for investment, attracting 49.3 percent of the national total.
These are among the key findings of the latest Demystifying Chinese Investment in Australia report by KPMG Australia and The University of Sydney, analysing Chinese outbound direct investment into Australia in 2015. This year’s report also includes new research analysing the sentiment and attitudes of Chinese investors towards the Australian market.
“Following two years of moderately declining Chinese investment, the resurgence of interest and the diversification by Chinese companies in 2015 is a strong endorsement of the attractiveness of Australia’s economy. Alongside continued interest in the NSW and Victorian commercial real estate sectors, there has been activity and major deals in renewables, agribusiness, and for the first time, healthcare,” said report co-author, Doug Ferguson, Head of KPMG Australia’s Asia and International Markets.
“Overall we are seeing a strong story of Chinese investment into Australia’s broader economy which is in line with premium products, services and lifestyle-oriented themes,” he said.
Professor Hans Hendrischke, Professor of Chinese Business & Management at the University of Sydney Business School commented, “Our research has also shown that, for Chinese companies looking to expand internationally, Australia is seen as a strong first port of call, allowing them to gain experience and management know-how before taking on other overseas markets. As China embarks upon its next Five Year Plan and continues to develop as a leading global economy, Australia is poised to profit as one of its major trading partners.”
“All Chinese investors we interviewed held a highly positive medium-long term view of Australia and are looking to increase their investments in Australia,” he added.
REPORT SUMMARY
Investment by Industry
Chinese direct investment in Australia continued to be centered on commercial real estate (45 percent), with a focus on new areas such as renewable energy (20 percent) and for the first time, material investment in the healthcare sector (17 percent). Mining fell to 9 percent (down from 11 percent the previous year), with energy (oil and gas) at 3 percent. Investment in agribusiness attracted a new high of 3 percent.
Commercial real estate[iii] was the standout for Chinese investment in 2015, continuing its rapid rise, growing to AUD6.85 billion from AUD4.37 billion in 2014. NSW attracted 94 percent of this investment, with investors focusing more on long term development projects. China Investment Corporation’s AUD2.45 billion purchase of Investa Office Portfolio was the major deal of the year in this sector.
Renewable energy was the second largest sector of interest for Chinese investors with State Power Investment Corporation’s AUD3 billion acquisition of Pacific Hydro the largest deal of the year in any sector. The outlook for the wind energy sector is more positive than in previous years, influenced by policy stability.
Healthcare was a new area of investment, with interest moving from the exploratory stage to realisation in 2015. Four large deals took place during the year, representing a total investment in healthcare of AUD2.55 billion.
Agribusiness. 2015 was the first year to see substantial growth in Chinese investment in agribusiness, with AUD375 million spread across 12 deals in sectors including dairy, beef and cotton.
The year also saw a lowering of the Foreign Investment Review Board limits for mandatory approval for agricultural land acquisition and the rejection of an application from a Chinese investor to purchase S Kidman & Co – illustrating the sensitive and very public debate over investment in this sector. Nonetheless, Chinese investors are expected to remain strongly interested in Australian agribusiness.
Mining, energy, oil and gas. Mining remains on China’s investment agenda with an increasing interest in non-ferrous metals including gold, lithium and copper. A total of AUD1.29 billion was invested in the sector in 2015. Looking forward, expanding Chinese government infrastructure spending under the 13th Five Year Plan could see demand for Australian iron ore and coal being stronger than previously expected.
Infrastructure. Chinese investment in the Australian infrastructure sector continued during the year, with the major deal being the 99 year lease of the Darwin Port to the Landbridge Group for AUD506 million. The outlook continues to look very positive, with Chinese companies attracted to the strong local pipeline of opportunities offering relatively safe returns and a longer term investment horizon for co-operation.
Investment by Geography
NSW continues to attract the largest share of investment of any state, at 49 percent, however 2015 saw Chinese investors diversify geographically, with Victoria increasing its share by 7 percent to 34 percent. For the first time, the Northern Territory placed ahead of South Australia, Western Australia and Tasmania with 4 percent of overall investment value.
Investment by Deal Size
During the year seven mega sized transactions with values of AUD500 million or more, including four deals over AUD1 billion, were made. These occurred in sectors including renewables (Pacific Hydro), commercial real estate (Investa office portfolio), healthcare (Swisse and Healthe Care) and mining (PanAust Ltd).
Forty-two percent of the deals were between AUD25 million and AUD100 million in size; and 65 percent of the deals were below AUD100 million in size – consistent with 2014.
Investment by Ownership
Investment from Chinese State Owned Enterprises (SOEs) rebounded in 2015 with two major deals accounting for 49 percent of investment value (AUD7.4 billion). However, the overall number of investments by private Chinese companies continued to rise, with 51 investments led by private enterprises, compared to 13 by SOEs.
Chinese Investor Sentiment
Profit is the main driver of Chinese investment in Australia, according to a survey of 46 senior executives from Chinese investor companies conducted for the report. The survey revealed that making profits, securing resources and building an international brand were their top 3 motivators.
In-depth interviews with 11 Chinese companies invested in Australia (including 6 SOEs) found that Chinese investors enter Australia based on a desire for long term stable returns, low sovereign risks and the stable policy environment. Investing in Australia is not opportunistic, in fact one company studied over 20 overseas markets looking at the local economy, policies, migration data and more before ultimately choosing Australia as their first overseas investment destination.
Despite the perception of Chinese investors offering high premiums to secure Australian deals, investors revealed that most carefully consider the medium and long term returns. SOEs in particular have withdrawn from deals that did not meet strict returns criteria within 3 years of purchase.
“Australia is seen as a learning ground for entering other developed markets. The closer economic relationship between China and Australia has helped, as does the time zone compatibility between our countries. The sense that Australia is a preferred destination for Chinese students, tourists and migrants also provides us with a competitive advantage,” said Professor Hendrischke.
Overall, Chinese investors remain bullish on Australia, with 65 percent saying their 3 year outlook is positive, and 55 percent planning to increase their Australian holdings in 2016.
Ninety percent of respondents believe they will benefit from the China-Australia Free Trade Agreement (ChAFTA), with reduced export and import tariffs enhancing profitability and asset value prospects. They also expect lower investment costs and easier entry for managerial and technical staff, and to a lesser degree labour import from China.
Outlook
With China’s global ODI expected to continue to grow by over 10 percent each year – driven by Chinese companies’ desire to acquire experience, tech and human capital as the countries consumption trends evolve – agriculture and food, high-end manufacturing and real estate will continue to attract investment. ICT, healthcare and transportation will be the new ‘hot’ sectors to watch.
“The China-Australia Free Trade Agreement has helped to cement the strong relationship between our two countries. And our national Innovation Agenda is challenging Australia to commercialise fintech, medtech, agtech and cleantech products and services that can help China address its national objectives. This augurs well for continued trade with China, and continued investment by Chinese enterprise in Australia,” concluded Mr Ferguson.
The Full Report
Demystifying Chinese Investment in Australia April 2016 Update can be downloaded from kpmg.com.au or http://sydney.edu.au/china_studies_centre
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[i] Demystifying Chinese Investment in Australia, April 2016 Update, examines investment during the 2015 calendar year.
[ii] “Commercial real estate” includes residential development projects, but does not include the sale of individual residential apartments and homes to Chinese investors.
[iii] “Commercial real estate” includes residential development projects, but does not include the sale of individual residential apartments and homes to Chinese investors.
2016年4月11日
中国在澳大利亚的投资已经恢复了强劲的正向增长[i]，2015年的交易数量创下历史新高，并且投资的领域拓展到了新的行业（例如第一次投资于医疗健康产业）和地区。其中7项金额超过在5亿澳元及以上的巨额交易的大型投资项目的投资回报，实现了111亿美元（或150.9澳元）的总投资价值，这一数额以美元计较上一年增长了32.9%（以澳元计较上一年增长了59.5%）。
这是中国对澳大利亚新增投资在历史上出现的又一个高峰年。仅次于2008年由大量矿业投资带来的投资最高峰。从全球范围来看，澳大利亚在中国2005到2015年累计对外直接投资目的地国家中保持了第二名的位置，获得的投资金额累计达到786亿美元，仅次于美国。
在澳大利亚，商业地产[ii]已经连续两年占据了中国企业在澳大利亚投资的主要份额，2015占到了中国对澳投资总交易量的45%。中国企业对可再生能源，医疗健康，和大家期待许久的农牧业和农产品领域的投资也很可观。另外，中国的投资者还将投资拓展至新的地理范围，2015年首次在北领地投资了5.65亿澳元，而新南威尔士州仍然是中国投资者的首选目的地，获得了全部中国对澳投资的49.3%。
这些都是毕马威澳大利亚与悉尼大学新近联合发布的《中国企业对澳投资探秘》（Demystifying Chinese Investment in Australia）报告中的关键发现。本期报告不但对中国对澳大利亚直接投资的现状和趋势进行了深入分析，还探访了中国投资者对澳大利亚投资环境的评价和在澳大利亚投资的体验。
“经过两年轻微的下降，中国对澳大利亚的投资投资强劲回复，并呈现出多元化的局面，我们认为这充分证明了澳大利亚经济的吸引力。中国投资者不但持续投资于维州和新州的商业地产行业，在可再生能源，农业领域也非常活跃，并有多项重大交易。并且，中国投资者第一次在澳大利亚投资了医疗健康行业。整体而言，我们看到中国企业投资的兴趣点与优质产品，服务和生活方式的主题相符。”报告的作者之一，毕马威澳大利亚的亚洲和国际市场负责人范信德（Doug Ferguson）说。
悉尼大学商学院中国工商管理学教授汉斯‧杭智科 （Hans Hendrischke）博士评价说：“我们通过研究还发现，对于想要实现全球化的中国企业来说，澳大利亚被他们认为是迈出国际化第一步的首选地。在澳大利亚初试身手可以帮中国企业获得海外投资和管理运营的相关经验，帮助他们更顺利的拓展其它海外市场。中国迈入下一个五年计划，作为全球领先经济体继续发展，澳大利亚作为中国最主要的贸易伙伴之一，无疑是中国发展的受益者。 ”
“所有受访的中国企业对澳大利亚中长期的经济环境和投资环境都有非常积极的预期，并预计会进一步增加在澳大利亚的投资。”他补充说。
报告概要
各行业投资分布
中国在澳大利亚的直接投资继续以商业地产为中心（占45%），并出现了一些新的关注领域，如可再生能源（20%）。并首次在医疗保健领域做出了重大投资（17%）。矿业投资从去年的11%下降至9%，能源（石油和天然气）类投资占据3%的份额。农业吸引了全部投资的3%，创下新高。
商业地产行业[iii]在吸引中国投资者方面是表现最为突出的。2015年，中国企业在地产行业的投资继续快速增长，从2014年的 43.7亿澳币增长至2015年的68.5亿澳币。新南威尔士州吸引了中国企业对澳房地产投资的94%。投资者现在更注重发展长期项目。中国投资有限责任公司以24.5亿澳币收购Investa写字楼物业组合是今年在这一领域的最主要的交易。
可再生能源是另一个中国投资者最感兴趣的投资领域。国家电力投资集团公司以30亿澳币收购Pacific Hydro是2015年这一行业领域最大的交易。受到政策趋稳的有利影响，风能源的前景也比前几年更为看好。
医疗健康行业的是中国企业的新兴投资领域。2015年，中国企业对这一行业的投资从探索和研究阶段迈入了实现阶段。去年中国企业在医疗健康行业完成了四项重大交易，总交易金额达到25.5亿澳币。
农业方面，2015年，我们第一次看到中国企业在澳大利亚农牧业投资有大幅增长，共完成了12项交易，总金额达3.75亿澳元，包括乳品、牛肉、棉花等类目。这一年，我们也看到了澳大利亚外国投资审查委员会进一步加强了对外商购买农用土地的限制，以及中国投资者购买S Kidman & Co的申请被驳回，这些都反映出这个行业在外商投资议题下的敏感性和争议性。尽管如此，中国的投资者仍会对澳大利亚的农牧产业有强烈的投资兴趣。
采矿、能源、油气。矿业仍然是中国企业在澳大利亚投资战略的一部分，中国企业对有色金属，包括黄金、锂和铜矿的兴趣日益增加。2015年，中国企业在矿业投资总量达12.9亿澳元。考虑到中国第十三个五年计划中强调的政府对基础设施建设的进一步投入，中国企业未来在澳大利亚铁矿石和煤炭产业上的投资将会高于预期。
基础设施。中国企业继续投资澳大利亚基础设施领域。2015年这一行业的主要交易是达尔文港与岚桥集团的价值5.06亿澳元，为期99年的租赁合同。这一行业的投资前景继续被看好，非常吸引中国企业的是，这个行业投资机会丰富，投资回报也相对稳健，并可以提供基于中澳双边合作的长期投资机会。
投资的地域分布
在吸引中国投资方面，新州以49%的占比仍然领先于其它各州。但我们也看到，中国投资者的投资地域更加多元，维州的占比上涨了7%，达到了34%。北领地首次超过南澳。西澳和塔州在投资总价值中各占4%的份额。
投资交易规模
这一年中，中国投资者共完成7个5亿澳币及以上的大型交易，其中4个交易的金额超过了10亿澳币。这些大规模交易涉及了可再生能源（Pacific Hydro）、商业地产（Investa写字楼组合 portfolio）、医疗健康（Swisse和Healthe Care）、和采矿业（PanAust Ltd）。
投资企业性质
从投资金额上看，中国国有企业的投资在2015年出现了回升，其中两个主要交易占据了投资总价值的49%（74亿澳币）。然而，从投资数量上看，中国民营企业在澳大利亚的投资继续上升，2015年的投资交易中51项投资都是由民营企业主导，国有企业主导的交易有13项。
中国投资者的态度与评价
追求利润是中国投资者在澳大利亚投资最主要的驱动因素。根据我们对46位中国在澳投资企业的高层管理人员的访谈，生成利润，保障资源和建立国际品牌是中国企业的在澳大利亚投资最主要的动机。
在与11位在澳投资的中国企业管理人员（其中6位来自国有企业）进行了深度访谈后。我们发现，中国投资者在澳大利亚投资，看重的是获得长期，稳定的回报，以及较低的主权风险和稳定的政策环境。中国企业在澳大利亚投资并不是投机，例如，我们调研到一家中国公司是在考察了20多个海外市场，充分研究了各地区的经济，政策，移民数据和其它诸多方面后，最终才决定把澳大利亚作为他们的第一个海外投资目的地。
虽然中国企业给人的印象是倾向于付出更多溢价以确保拿到投资项目。但我们的调研发现，大部分中国投资者对于交易的中长期回报都有审慎的考虑。曾经有过一些国有企业，因为项目三年内的投资回报无法满足他们设定的阈值而从交易中撤出。
“澳大利亚被中国企业视为去其他发达国家投资前试水和获取经验的最佳目的地。这要归功于中国和澳大利亚之间的紧密的经济合作关系和时区上的可兼容性。澳大利亚拥有的众多中国留学生，游客和移民，也为我们吸引中国投资创造了竞争优势。”杭智科教授说。
总体而言，中国投资者仍对在澳投资十分看好。有65%的受访人表示其3年的业绩预期是积极的，55%的受访人表示计划在2016年继续增持在澳大利亚的资产。
百分之九十的受访者相信他们将受益于中澳自由贸易协定（ChAFTA），更低的进出口关税将提高中国企业的盈利能力，提升资产的价值。中国投资者还希望降低投资成本，希望管理人员和技术人员入境更加便捷，以及降低对中国本地人力资源的依赖。
展望未来
中国企业对于获取经验，技术和人力资源的强烈愿望，将会驱动中国持续以每年10%的增长速度在全球范围对外直接投资。由于中国本国市场消费需求的演进，农业和食品，高端制造业和房地产业将继续吸引中国企业投资，而信息和通信技术，医疗保健和交通将是新的投资“热点”。
“中澳自由贸易协定有助于巩固我们两国之间的密切关系。而我们国家的创新计划，正在对澳大利亚金融技术，医疗技术，农业技术和清洁技术的商业化提出挑战。这些科技性的产品和服务正是目前中国解决其面临的一系列发展问题所迫切需要的。这是澳中两国持续贸易，中国企业在澳大利亚持续投资的新机遇。” 范信德先生总结道。
报告全文
《中国企业对澳投资探秘》2016年4月版全文可以从如下渠道下载： www.kpmg.com.au或http://sydney.edu.au/china_studies_centre
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本档为中文译本。如中、英文本有歧义，概以英文本为准。
[i] 《中国企业对澳投资探秘》(Demystifying Chinese Investment in Australia) 2016年4月更新版，審視了2015年的投资。
[ii] “商业地产行业” 包括住宅发展项目，但不包括出售个人住宅，公寓予中国投资者。
[iii]“商业地产行业” 包括住宅发展项目，但不包括出售个人住宅，公寓予中国投资者。