Chinese developer Shanghai CRED joined hands with Australia's richest woman Gina Rinehart to jointly acquire S. Kidman and Co, the largest private land holding in Australia.

The deal is valued at $276.8 million. Rinehart's Hancock Prospecting and Shanghai CRED will have 67 percent and 33 percent stake in the company.

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The consortium has been set up to overcome strict government regulations on foreign investments.

Shanghai CRED, along with Hunan Dakang Pasture Farming, had earlier joined hands with another Australian firm to buy the farm for $281.3 million. However, the bid was rejected by the Australian government.

Kidman cattle business is more than 100 years old and has been enjoying an iconic status in the country. Its land holding is the size of South Korea and has an average herd carrying capacity of 185,000 cattle. Its pastoral leases span 101,000 square kilometers. The company has inked another deal with an Australian company for its Anna Creek Station located in South Australia.

The Kidman empire was put on block nearly 18 months back. The portfolio comprises 19 properties managed under 12 enterprises, including ten cattle stations, a feedlot and a bull breeding farm.

The deal is subjected to various conditions, though. It is dependent on the disposal of the Peake and Anna Creek Station. The acquisition also requires approval of the Chinese government and Australia's Foreign Investment Review Board.

Kidman management has welcomed the bid.

John Crosby, the company's chairperson, said, "Kidman business will be in good hands."

Earlier in August, Reuters reported that Dakang may launch a new bid for the business, in collaboration with domestic investors.

TagsShanghai CRED, Gina Rinehart, Hancock Prospecting