Chinese investment in Australia surged 11.7% last year to A$15.4 billion ($11.5 billion) amid booming demand for agricultural assets and infrastructure, Bloomberg reports. A record 103 deals were signed with Chinese companies in 2016, with 76% of those reached with private firms, KPMG and the University of Sydney said in the report “Demystifying Chinese Investment in Australia.” Commercial real estate remained the largest sector, attracting 36% of Chinese investment, followed by infrastructure with a record 28% including the purchases of Asciano Ltd. and the Port of Melbourne, according to the report. Agribusiness rose threefold from 2015 to more than A$1.2 billion. Australia, with a population of 24 million people and a land mass larger than India, relies on foreign investment to spur growth. While the Australian government blocked two key purchases last year, the vast majority were approved.
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