Australia wrestles with Port of Darwin, under Chinese ownership [View all]

May 3 (UPI) -- Australia could be footing the bill for the Port of Darwin if the government cancels a 99-year lease to the port, which is under the ownership of a Chinese billionaire.

Australia's defense department is "reviewing" the Northern Territory's lease to Landbridge, owned by Chinese tycoon Ye Cheng, after members of Australia's government and the political opposition raised concerns, Australia's ABC News reported Sunday.

But if Landbridge is forced to sell its ownership, it would force Australian taxpayers to provide the company compensation, the Sydney Morning Herald reported Monday.

According to estimates from the Parliamentary Budget Office two years ago, Australia would have to pay about $23.2 million in compensation to Landbridge if it is forced to relinquish Darwin.

Read more: https://www.upi.com/Top_News/World-News/2021/05/03/china-China-Australia-Port-Darwin-lease-review/2741620061514/