(CNN) China's Dakang Australia teamed up with Australian Rural Capital to buy the Kidman beef company and 77,300 square kilometers (30,000 square miles) of its land for $370 million Australian dollars ($288 million).
Dakang brought ARC on board in a bid to overcome Australian opposition to a sale to foreigners. Dakang will own 80% of Kidman and ARC 20%.
Kidman is one of Australia's biggest beef producers and owns farm assets spread across more than 100,000 square kilometers of the country's interior. That's an area roughly the size of Kentucky.
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