A Deal for an Australian Dairy Wrapped in Layers of Chinese Loans<br />In an interview, the spokesman for Mr. Morrison, the Australian treasurer, said<br />that Mr. Morrison was “comfortable with the advice provided by the review board on the dairy acquisition.”<br />The Australian review board said the documents presented by the Chinese buyer were confidential<br />Mr. Lu paid for the purchase with three loans, one from a lender in Australia<br />and two from Chinese lenders, including the biggest state-run bank, the Industrial and Commercial Bank of China, according to the filings of his publicly traded company.<br />Mr. Lu, whose main business in China is manufacturing window shades, created an Australian company, Moon Lake Investments, to buy the dairy.<br />“The Australian assumption has been that Chinese business operates like Australian ones,”<br />said Peter Jennings, executive director of the Australian Strategic Policy Institute.<br />Why doesn’t the government?”<br />After striking an agreement to buy the dairy in late 2015, Mr. Lu established Kaixin Investment, a Ningbo-based company, to acquire the assets.
