Chinese property tycoon snaps up NSW Riverina cotton farms

A Sydney-based real estate mogul has spent more than $120 million to acquire multiple farms in the Murrumbidgee irrigation district.

A Sydney-based, Chinese-born property tycoon has expanded his reach into the NSW Riverina’s cotton and irrigated cropping sector, emerging as the buyer of the whopping Commins portfolio.

High net-worth property investor Jacky Cheung, via his company Marina Nine Holdings Pty Ltd, has purchased multiple properties for more than $120 million combined in the Murrumbidgee Irrigation Area, dating back to October last year.

Mr Cheung’s Marina Nine Holdings is reportedly the buyer of the 2807ha Commins portfolio, near Whitton, sold as a whole for $88 million plus plant and equipment.

Earlier this year, brothers Timothy and Roger Commins listed their huge portfolio of assets for sale after corporate buyers approached the pair, offering four hubs within an 18km radius, including the Whitton Hub (1253ha), which has seven farms; the Karwar Hub (1097ha); as well as Nardoo (274ha) and The Weir (183ha) hubs.

Jacky Cheung is the reported buyer of the 2807ha Commins portfolio, via Marina Nine Holdings.

A portfolio of 14,112ML of water entitlements comprising 9700ML of surface water and 4412ML of groundwater were also sold in the deal.

Existing staff are to be retained across the Commins portfolio.

Alongside the acquisition of the portfolio, Mr Cheung’s Marina Nine Holdings also owns multiple cotton and cropping properties in the Riverina region, located about an hour west of Whitton, near Carrathool.

The Commins portfolio was sold with more than 14,112ML of water entitlements.

Property records show Marina Nine Holdings owns more than 2760ha on the Sturt Hwy, at Carrathool, and a further 1640ha at nearby Conargo Rd, sold in October last year, before settling in December for more than $32.2 million.

It is understood the Sturt Hwy holdings are the Rudd’s Point cotton farm, previously owned by the Warrawidgee-based Minato family’s OJ Minato Pty Ltd.

Moree-based Customised Farm Management is currently advertising a farm hand, machinery operator position at Rudd’s Point, Carrathool.

Alongside this newly established cotton farm portfolio, Mr Cheung has vast residential and commercial property interests including a Bunnings warehouse at Hoppers Crossing in Melbourne’s west, purchased for $79 million in 2022 and a waterfront Sydney penthouse at Pyrmont, bought for $23 million earlier this year.

Alongside, wife Cheng Mei Ying and associate Zhang Guirong, Mr Cheung has collectively purchased more than $300 million in property since migrating to Australia from Hong Kong in 2019.