Treasury silent on Chinese port-side property purchases

Despite repeated inquiries, Treasury has refused to confirm if it approved the sale of two port-side properties despite buyers’ links to the Chinese Communist Party.

Wang Yongxin is tied to property deals at the Kembla and Newcastle ports, which have been earmarked as potential sites for AUKUS submarine bases. Picture: supplied

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Treasury has refused to confirm if it signed off on the sale of two port-side properties to companies controlled by the family of a Shanghai businessman with links to the Chinese Communist Party, as pressure grows on the government to ­reveal if the sales were approved.

The family of Wang Yongxin, president of the Shanghai Xinyang Chamber of Commerce, has been linked to the purchase of two large commercial properties at the Newcastle and Kembla ports, The Australian revealed on Friday, with both facilities short-­listed as potential sites for an AUKUS submarine base.

The chamber of commerce, which Mr Wang has led since its formation, is linked to the CCP and has hosted party-affiliated events, according to its WeChat channel, raising the spectre that it is linked to the ­United Front, the CCP’s international influence ­operation.

Members of the Wang family have emphatically denied they, or any directors associated with the two companies that purchased the sites, are linked to the United Front, and that the purchases are merely “commercial investments” in green energy.

The 222,000sq m site in Port Kembla, NSW, bought by Port Kembla Group in January. Picture: supplied

Despite repeated inquiries, Treasury – which oversees foreign investment applications – has not confirmed whether it assessed the case. Eleven days after this masthead first contacted the department, it again declined to comment, citing “protected information provisions” under foreign investment law.

“The government cannot comment on the application of the foreign investment screening arrangements as they apply, or could apply, to particular cases,” a Treasury spokeswoman said.

Under existing legislation, private Chinese investors require ­approval before acquiring an interest in developed commercial land if its value is worth approximately $1.5bn or more. The approval threshold is the same regardless of whether the land is deemed sensitive.

Amid concerns from national security experts that the sites could be used for intelligence gathering, Coalition infrastructure spokeswoman Bridget McKenzie on Friday called for Treasurer Jim Chalmers to clarify whether the transaction had been signed off by the Foreign Investment Review Board.

“Jim Chalmers needs to come out today in light of this story and assure the Australian public that these purchases did receive that type of scrutiny and did get a tick of approval from the Foreign Investment Review Board,” she told Sky News.

The 70,000sq m Newcastle port development site purchased by Ausdragon Holdings in 2024. Picture: supplied

Also commenting on the sale of the port-side sites, opposition defence spokesman Angus Taylor said it highlighted the importance of having “frank discussions” in Australia’s dealings with China.

“(It’s) important to ensure that investment in our country and trade with our country is in our national interest, and I think those frank discussions between trading partners like us and China are really important,” he said.

Asked about the matter on ­Friday, Labor frontbencher Tanya Plibersek said: “I’m not going to make further comments on that.”

The acquisition of the two sites was unveiled at the 2025 ­Australia-China Environmental Protection Forum held in June, an event hosted by the Australia-China ­Environmental Protection Association, which Mr Wang also leads as president.

Framed as an environmental initiative, the event was used to unveil a series of projects at the two sites, which were described as green energy investments.

The Australian has learned that former NSW Liberal minister John Sidoti – who was suspended from parliament in 2022 after the state’s corruption watchdog found he had engaged in “serious corrupt conduct” – also addressed the forum as a speaker.

Former NSW Liberal minister John Sidoti addressing the forum in June. Picture: supplied

The Independent Commission Against Corruption claimed Mr Sidoti used his parliamentary position to benefit his family’s property interests between late 2013 and early 2017. Mr Sidoti has ­denied the allegations.

The Australian contacted Mr Sidoti on Friday to seek comment on his attendance and whether he was aware of the association’s ties to the United Front, but he did not respond.

Speaking at the event, Mr Sidoti encouraged representatives of the China-linked groups present to go beyond trade and “get involved” in environmental causes, according to a Chinese-language media report of the event, urging them to “inject more green energy into a diverse society”.

“The Environmental Forum is an important platform for achieving diversity and inclusion. It connects culture, technology and economy, and also injects sustainable development momentum into local communities,” he told the forum.