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1、April 2023Demystifying Chinese investment in AustraliaAbout our reportsKPMG and The University of Sydney formed a strategic relationship to research and publish insights on Chinese investments.Our first report was launched in September 2011 and this is the nineteenth Demystifying Chinese Investment
2、report in our series.This report examines Chinese investment in Australia for the calendar year 2022.The catalyst for our report series was the lack of detailed factual information about the nature and distribution of Chinas outbound direct investment(ODI)in Australia.Without this information,there
3、is misinformation and speculation.Our reports seek to set the record straight and debunk the myths associated with Chinese investment in this country.2023 KPMG,an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International L
4、imited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Liability limited by a scheme approved under Professional Standards Legislation.Demystifying Chinese inve
5、stment in Australia 20231 Access previous Demystifying Chinese investment in Australia reportsMethodologyThe dataset is compiled jointly by KPMG and The University of Sydney Business School and covers investments into Australia made by corporates(not individuals)from the Peoples Republic of China th
6、rough mergers and acquisitions(M&A),joint ventures(JV)projects,and greenfield projects.Real estate referred to in this report does not include residential apartment and private home sales.The dataset also tracks Chinese investment by subsidiaries or special purpose vehicles in Hong Kong,Singapore,an
7、d other locations.The data,however,does not include portfolio investments,such as the purchase of stocks and bonds,which do not result in foreign management,ownership or legal control.Our database includes direct investments recognised in the year in which parties enter into legally binding contract
8、s and,if necessary,receive mandatory Foreign Investment Review Board(FIRB)and Chinese Government investment approvals.In certain instances,final completion and financial settlement may occur in a later year.For consistency,the geographic distribution is based on the location of the head office of th
9、e Australian invested company and not on the physical location of the actual investment project.Completed deals which are valued below US$5 million are not included in our analysis,as such deals consistently lack detailed,reliable information.Unless otherwise stated,the data referred to throughout t
10、his report is sourced from the KPMG/University of Sydney database,and our previously published reports.1 The University of Sydney and KPMG team obtains raw data on Chinas outbound direct investment(ODI)from a wide variety of public information sources which are verified,analysed and presented in a c
11、onsistent and summarised fashion.Our sources include commercial databases,corporate information,and official Australian and Chinese sources including the Australian Bureau of Statistics,FIRB,and Ministry of Commerce(MOFCOM)of the Peoples Republic of China.Our data is regularly updated and continuall
12、y revised when new information becomes available.In line with international practice,we traditionally record deals using US$as the base currency.However,since 2015 our reports have used AU$for detailed analysis.We believe that the KPMG/University of Sydney dataset contains the most detailed and up-t
13、o-date information on Chinese ODI in Australia.1 Includes Australia&China Future Partnership,September 2011;The Growing Tide:China ODI in Australia,November 2011;Demystifying Chinese Investment,August 2012;The Energy Imperative:Australia-China Opportunities,25 September 2012;Demystifying Chinese Inv
14、estment in Australia,March 2013;Demystifying Chinese Investment in Australian Agribusiness,October 2013;Demystifying Chinese Investment in Australia,March 2014;Demystifying SOE Investment,August 2014;Chinese Investors in Australia Survey,November 2014;Demystifying Chinese Investment in Australia,May
15、 2015 Update;Demystifying Chinese Investment in Australia,April 2016;Demystifying Chinese Investment in Australia,May 2017;Demystifying Chinese Investment in Australian Healthcare,January 2018;Demystifying Chinese Investment in Australia,June 2018;Demystifying Chinese Investment in Australia,April 2
16、019;Demystifying Chinese Investment in Australia,June 2020;Demystifying Chinese Investment in Australia,July 2021;Demystifying Chinese Investment in Australia,April 2022.2023 KPMG,an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with
17、KPMG International Limited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Liability limited by a scheme approved under Professional Standards Legislation.Demys
18、tifying Chinese investment in Australia 20232 Chinese investment in Australia in 2022In 2022,Chinese investment in Australia increased by 142.7 percent,from US$0.6 billion in 2021 to US$1.4 billion.In Australian dollar terms,the increase is170.2 percent from AU$0.8 billion to AU$2.1 billion.We recor
19、ded 11 completed transactions in 2022,same as the number of transactions in 2021.Between 2007 and 2022,an accumulated total of US$111.5 billion was invested by Chinese companies in Australia.2022 is an improvement on 2021 but remains the second lowest year of Chinese investment since 2007 and shows
20、a continuing trough in the cycle.CHINESE ODI INTO AUSTRALIA 20072022 BY VALUE(US$M)1,539 16,200 8,549 3,916 9,401 10,105 9,185 8,351 10,140 11,538 10,008 6,243 2,362 1,936 585 1,420 05,00010,00015,00020,00025,00020072008200920000022Investment(US$m)Source:K
21、PMG/Sydney University databaseNote:Prior year annual figures are updated with the latest information as new information becomes available and as required.2023 KPMG,an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG Internation
22、al Limited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Liability limited by a scheme approved under Professional Standards Legislation.Demystifying Chinese
23、investment in Australia 20233 Selected major Chinese investments in Australia in 2022TARGET NAMEACQUIRER NAMEINDUSTRY SECTORSTATEFINAL VALUE(AU$m)Western Range JVBaowu Steel GroupMining WA1,077Prospect Lithium Zimbabwe(Pvt)LtdZhejiang Huayou Cobalt Co.,Ltd.MiningWA529NQM Gold 2 Pty LtdShandong Yulon
24、g Gold Co.,Ltd.Mining QLD193Source:KPMG/Sydney University databaseBy industryMining accounted for 86 percent of the total Chinese investment inflows for 2022.Four deals totalling AU$1.8 billion comprised of one project in iron ore,one project in gold,and two projects in lithium mining.Renewable ener
25、gy accounted for 12 percent(AU$259.3 million)of the overall volume.Chinese investment in commercial real estate continued to drop from AU$208 million in 2021 to AU$14 million in 2022.We identified only two completed transactions of Chinese investment in commercial real estate.2 Obtaining financing a
26、nd regulatory approvals from China for overseas real estate investment remains difficult.Relatively lower investment returns from the Australian market given increasing costs of land,financing and construction(during and after COVID)is also slowing down investment in commercial real estate.By owners
27、hip Investment from the state-owned sector increased,from AU$0.2 billion in 2021 to AU$1.5 billion in 2022,across four deals in mining,renewable energy and commercial real estate.SOE investment accounted for 70 percent of the total investment volume.Private Chinese companies accounted for 30 percent
28、 of the total investment undertaken in 2022.Compared with 2021,the investment value by private enterprises remained unchanged at AU$0.6 billion in 2022,across seven deals in mining,renewable energy,commercial real estate,and high tech sectors.By state WA received the largest amount of Chinese invest
29、ment with AU$1.6 billion in total.This is followed by NSW with 13 percent(AU$264 million),QLD with 9 percent(AU$193 million),and SA with 1 percent(AU$20.8 million).VIC accounted for only 0.4 percent of the total Chinese investment in Australia.By deal size The average deal size in 2022 is AU$191 mil
30、lion,more than double the average deal size in 2021(AU$71 million).There were two deals above AU$500 million,two between AU$100 million and AU$200 million and six deals under AU$25 million,totaling AU$66.3 million.2 The commercial real estate referred to in this report does not include residential a
31、partment and private home sales.It covers completed investment in commercial properties or land by business entity from the Peoples Republic of China.2023 KPMG,an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International L
32、imited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Liability limited by a scheme approved under Professional Standards Legislation.Demystifying Chinese inve
33、stment in Australia 20234 CHINESE INVESTMENT BY INDUSTRY IN 2022(%OF TOTAL VALUE)CHINESE INVESTMENT IN AUSTRALIA BY OWNERSHIP IN 2022(%OF TOTAL VALUE)CHINESE INVESTMENT BY DEAL SIZE IN 2022(%OF TOTAL DEAL NUMBER)Source:KPMG/Sydney University databaseCommercial Real Estate 1%High Tech 1%Renewable Ene
34、rgy 12%Mining 86%CHINESE INVESTMENT BY STATE IN 2022(%OF TOTAL VALUE),SA 1.0%VIC 0.4%QLD 9.2%NSW 12.5%WA 76.9%SOE 70%Private 30%AU$500m and above 18%AU$200m100m 18%AU$100m25m 9%AU$25m5m 55%2023 KPMG,an Australian partnership and a member firm of the KPMG global organisation of independent member fir
35、ms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Liability limited by a scheme approved under Professional Standard
36、s Legislation.Demystifying Chinese investment in Australia 20235 Global context 2022The UNCTAD 2023 Global Investment Trends Monitor published in January 2023 notes that the multitude of crises on the global stage the war in Ukraine,food and energy prices,financial turmoil and debt pressures inevita
37、bly affected global foreign direct investment(FDI)in 2022 and that new investment project numbers,including greenfield announcements,international project finance(IPF)deals,and cross-border mergers and acquisitions(M&As),all shifted in reverse after Q1.The annual figures for 2022 will only be publis
38、hed mid-year in the World Investment Report 2023.https:/unctad.org/publication/global-investment-trends-monitor-no-44Chinas official statistics for Chinese outward direct investment in 2022 show a 2.8 percent lift to US$116.9 billion reflecting a continuing gradual recovery from the lows of 2019-202
39、0,but at a level that is still below 2018.CHINESE NON-FINANCIAL ODI 20182022(US$b)2018120.50.3-8.2US$bCHANGE IN%2019110.620212020110.2-0.4113.63.2116.92.82022Source:Statistical Communiqu of the Peoples Republic of China on the 2019 to 2023 National Economic and Social Development,various years.http:
40、/ KPMG,an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent mem
41、ber firms of the KPMG global organisation.Liability limited by a scheme approved under Professional Standards Legislation.Demystifying Chinese investment in Australia 20236 Industry sector analysisThe National Bureau of Statistics ranking of ODI by industries in 2022 shows that deals in the Leasing
42、and Business service sectors were in the top position with 33.2 percent of total annual ODI,followed by Manufacturing with 18.5 percent,and Wholesale and Retail with 18.1 percent.The strongest growth from 2021 is recorded for Wholesale and Retail (19.5 percent),Manufacturing(17.4 percent),and Constr
43、uction(14.9 percent).The steepest decline is observed in Production and Supply of Electricity,Heat,Power,Gas and Water(down 28 percent),Information Transmission,Software and Information Technology Services(down 27.1 percent),Agriculture,Forestry,Animal Husbandry and Fishery(down 26.5 percent),and Tr
44、ansport,Storage and Post(down 10.6 percent).Mining occupies a small share with 4.3 percent of total ODI and an increase of 0.6 percent in 2022.Global distribution of Chinese ODIThe most detailed source for the global distribution of Chinas outbound direct investment(ODI)in 2022 is the American Enter
45、prise Institutes(AEI)China Global Investment Tracker(CGIT)(https:/www.aei.org/china-global-investment-tracker/)which tracks large investment above US$95 million.Despite this threshold and differing measurement methodologies applied,the CGIT breakdown by countries provides the best available indicati
46、on of destinations being targeted by China.The most obvious trend in the flow of large Chinese investment projects is the shift toward countries in the Middle East,Latin America,and Asia,which are associated with the Belt and Road Initiative(BRI)and which account for two-thirds(68 percent)of the tot
47、al ODI volume captured by CGIT.At the same time,Chinese ODI into North America and Europe has rebounded.https:/www.aei.org/research-products/report/2023-zero-covid-ends-and-chinese-investment-returns/Source:Derek Scissors,Chinese Investments in the US Handout https:/www.aei.org/multimedia/chinese-in
48、vestments-us-handout/Chinese Investment Still LimitedCHINESE INVESTMENT IN THE USThe China Global Investment Tracker follows large Chinese investments around the world.The leading national recipient is the United States,which took in over$190 billion from 2005 through 2022.But the PRCs spending here
49、 has all but disappeared since 2019,and COVID did not lead to opportunistic buying.Chinese investment may rise in 2023.But tougher American investment reviews and Beijings concern about capital flight will prevent a return to high-volume years.$0$1.7B1 DEAL$8.4B5 DEALS$5.0B8 DEALS$8.2B13 DEALS$8.8B1
50、3 DEALS$2.2B8 DEALS$9.0B13 DEALS$16.1B21 DEALS$17.6B31 DEALS$18.9B41 DEALS$23.4B31 DEALS$9.9B22 DEALS$3.6B10 DEALS$1.8B6 DEALS$3.2B5 DEALS$1.7B6 DEALS$53.5B63 DEALS20206200720082009200001920202023 KPMG,an Australian partnership and a member firm of the KPM
51、G global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Liability limited b
52、y a scheme approved under Professional Standards Legislation.Demystifying Chinese investment in Australia 20237 REGIONAL DISTRIBUTION OF GLOBAL CHINESE ODI IN 2022(US$b)1East Asia$10.86 billion2Europe$9.56 billion3Arab Middle East$6.79 billion4South America$5.33 billion5USA$3.19 billion6Sub-Sahara$2
53、.97 billion7West Asia$1.53 billion8Canada,Mexico$0.95 billionSource:China Global Investment Tracker,https:/www.aei.org/china-global-investment-tracker/Source:CGIT https:/www.aei.org/china-global-investment-tracker/6456101112Canada$58.52 billionUSA$3.19 billionGermany$2.68 billionSingapore$2.50 billi
54、onArgentina$1.34 billionFrance$1.0 billionAustralia$0.76 billion789Germany$53.51 billionIndonesia$35.23 billionRussian Federation$34.86 billion1123Total:789USA$193.05 billionSaudi Arabia$5.55 billionIndonesia$3.91 billionHungary$3.75 billion$41.94 billionBrazil$2.06 billionMalaysia$1.57 billionZimba
55、bwe$1.43 billion245Australia$104.35 billionBrazil$66.09 billionSwitzerland$61.21 billion3United Kingdom$99.87 billionMAJOR RECIPIENT COUNTRIES OF CHINESE ODI FROM 20052022(US$b)TOP DESTINATION COUNTRIES OF CHINESE ODI IN 2022(US$b)Source:China Global Investment Tracker,https:/www.aei.org/china-globa
56、l-investment-tracker/Historically,Australia remains the second largest recipient country behind the United States.In recent years,Europe,South America and East Asia(including Southeast Asia)are the top regional recipients of Chinese ODI.Looking forwardAs we recover from COVID and the Australia-China
57、 bilateral relationship stabilises,some Chinese investors may start to explore investment opportunities in Australia again.Based on the strong economic and trade ties between the two countries,many sectors in Australia,such as mining and renewable energies,offer appealing opportunities for Chinese i
58、nvestors,who still consider Australia a comparatively secure and stable investment destination among developed nations.2023 KPMG,an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English compan
59、y limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Liability limited by a scheme approved under Professional Standards Legislation.Demystifying Chinese investment in Australia 20238 Doug
60、FergusonNSW Chairman,Head of Asia and International MarketsAdjunct Professor,University of Sydney Business SchoolKPMG AustraliaT:+61 2 9335 7140E:.au Helen Zhi Dent 支巧玲Partner in Charge,China Business PracticeKPMG AustraliaT:+61 2 9335 7059E:.au Sissi Qian 钱琨 Director,China Business PracticeKPMG Aus
61、traliaT:+61 2 9346 6304E:.au Dr.Hans HendrischkeProfessor of Chinese Business&Management,China Studies Centre/Business SchoolThe University of SydneyT:+61 2 9351 3107E:hans.hendrischkesydney.edu.au Dr.Wei Li 李薇Lecturer in International Business,University of Sydney Business SchoolThe University of S
62、ydneyT:+61 2 9036 6399E:li.wei1sydney.edu.au For further information contact:Authors and key contactsThe information contained in this document is of a general nature and is not intended to address the objectives,financial situation or needs of any particular individual or entity.It is provided for
63、information purposes only and does not constitute,nor should it be regarded in any manner whatsoever,as advice and is not intended to influence a person in making a decision,including,if applicable,in relation to any financial product or an interest in a financial product.Although we endeavour to pr
64、ovide accurate and timely information,there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.No one should act on such information without appropriate professional advice after a thorough examination of the part
65、icular situation.To the extent permissible by law,KPMG and its associated entities shall not be liable for any errors,omissions,defects or misrepresentations in the information or for any loss or damage suffered by persons who use or rely on such information(including for reasons of negligence,negli
66、gent misstatement or otherwise).2023 KPMG,an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used u
67、nder license by the independent member firms of the KPMG global organisation.Liability limited by a scheme approved under Professional Standards Legislation.April 2023.1076501545ENT.KPMG.com.auPlease follow us on WeChat for the Chinese version of this report.AcknowledgmentKnight Frank Australia contributed to the commercial real estate transaction data of this report