Australia Objects to Selling 1% of Its Land to Chinese Company

The Australian government said Friday it might block the sale of a large property comprising about 1% of the country’s land to a Chinese firm.

Australian treasurer Scott Morrison said the sale of Kidman beef company to China’s Dakang and its local partner Australian Rural Capital would be “contrary to the national interest,” CNN reports, because selling the land in one large parcel would make it harder for Australian bidders to compete.

Dakang and Australian Rural Capital offered $370 million Australian dollars ($283 million) for 77,300 square kilometers (30,000 square miles) of Kidman’s land. The company has until Tuesday to respond to the Australian government.

Kidman managing director Greg Campbell told the Australian Broadcasting Corporation that he was “very disappointed and deflated” by the decision, according to CNN.