22 Dec 2017

OIO rejects questions about Chinese company

From Morning Report, 7:38 am on 22 December 2017

A business journalist based in China says there are major unanswered questions about the Chinere firm whose bid to buy UDC Finance has been rejected. The ANZ Bank agreed to sell UDC to China's HNA Group for $660 million in January. But that got the thumbs-down yesterday from the Overseas Investment Office, which cited a lack of clarity over HNA's ownership for refusing to allow the sale. The Asian editor of the Financal Times, Jamil Anderlini, says ownership of the massive firm is murky, and China's government is worried too.