China Zhongsheng Resources, HK 2623, announced a Memorandum of Understanding to purchase about 280 acres of farmland in Australia as well as a herd of Angus cattle. Concurrently, they will be setting up a website to sell Australian Angus beef to China. The purchase will be made through a non-wholly owned subsidiary International Resources Limited, ISH,; Australia which is also described as a mining company.
China Zhongsheng has dropped 40% over the last 12 months versus the Hang Seng’s drop of 12.4%. With iron ore in the dumpster, diversification could be a good idea. Cows don’t quite fit in with the corporate profile, however. Expect a name change soon.