Chinese billionaire Xianfeng Lu has put one of the country’s biggest dairy operations, the nearly 200-year-old Woolnorth farming aggregation in Tasmania, up for sale after losing a big milk supply contract with dairy giant Fonterra earlier this year.
The businessman paid $280 million in 2016 to acquire the Van Diemen’s Land Company and its dairies at Circular Head on the north-western tip of the island.
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Larry Schlesinger was a reporter at The Australian Financial Review.
