China Merchants Port Holdings (CMPort), the Hong Kong-listed arm of the state-controlled Chinese group, paid A$607.5 million ($457.5 million) for a 50 percent stake in the world’s largest coal port that has ambitions to become a major container port serving shippers in New South Wales (NSW).
However, exporters in Australia’s highly successful wine sector, including Pernod Ricard, owner of the Jacob’s Creek, the country’s largest wine brand, and the NSW-based McWilliams Wines, have complained of serious delays at China Customs that could jeopardize forecasts for Australian wine exports to top A$1 billion in value for the first time in 2018.
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