Australia’s Beijing bind

Australia’s Treasurer Wayne Swan may soon have another foreign investment headache on his hands, as a Chinese entrepreneur says he has Beijing’s backing to step around Australian investment rules and become the world’s fourth force in iron ore.

Liu Han, chairman Hanlong Group said the company could achieve it within 10 years, giving China ”a say” in iron-ore price negotiations and stem as much as $80 billion in national losses flowing to the big producers.