Chinese investors to buy Australian ranch the size of Ireland

China's Dakang Australia and Australian Rural Capital have teamed up to purchase a ranch the size of Ireland.

The two organizations agreed to pay $288 million for the Kidman beef company and 30,000 square miles of its land in Australia. In the deal, Dakang would own 80 percent of Kidman and ARC 20 percent.

The deal requires approval by various regulators, including Australia's Foreign Investment Review Board.

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