LIU YONGHAO, the billionaire chairman of New Hope Group Co., is looking to buy fish farming assets in Southeast Asia as part of a 10 billion yuan (US$1.5 billion) push to expand overseas.

    “We plan to acquire an aquaculture company,” said Liu, 64. Though he declined to name any companies, Liu said targets need to be sizable and have good natural resources including light, water, land and low-cost labor resources.

    Liu’s comments help highlight how Chinese agriculture firms such as New Hope, the nation’s largest privately held agricultural company, and State-owned China National Chemical Corp. are seeing bigger appetites for overseas assets to feed the world’s largest population.

    New Hope alone plans to spend 10 billion yuan in the next three to five years on high-end animal protein and food-related assets overseas, spurred by demand from the nation’s expanding middle class.

    “We shall go abroad and use our advantages in scale and the market to do acquisitions,” Liu said.

    Liu, who founded New Hope and started by selling hog feed, has since expanded operations to all kinds of animal feed and slaughtering businesses along with dairy, finance, real estate and chemicals.

    New Hope is also looking to acquire livestock-breeding companies overseas, Liu said, citing a lack of such capabilities in China and increasing domestic demand for beef, lamb and seafood. (SD-Agencies)