China's wool tycoon in rescue act

Wen Qingnan tries novel ways to revive ailing Lal Lal sheep farm in Australia

When biting winter winds whip through the paddocks of the 170-year-old Lal Lal sheep farm in Australia's central Victoria this year, a Chinese wool tycoon will be trying to help revive an ailing industry. He's also hoping to overturn skepticism toward foreign investors.

Wen Qingnan, who bought Lal Lal in 2014, plans to build shelters for newborn lambs inside an unused hay shed to help boost survival rates by as much as 40 percent. He's also expanded the flock. Such measures may help restore wool profits in a country that is the world's top exporter. Over the past two decades, farmers were hit hard by cheaper alternative fibers and saw output shrink.