Citrus firm boosts land holdings after IPO

Dongfang Modern Agriculture Holding Group Ltd, considered China's second-largest citrus fruit producer, will use some of the proceeds from its Australian listing to more than double the land it owns at home.

The move, the first such step by a Chinese agricultural firm, comes as Australia increasingly emerges as a destination for Chinese companies looking to raise capital as a lengthy wait and market volatility discourage them from listing at home.

Dongfang Modern said in a statement it was buying 5,270 hectares of land via two deals in Jiangxi province for A$106 million ($76 million). The company will own more than 8,000 hectares after the deals are completed.