Future Fund, QIC and China's CIC Capital buy port of Melbourne

In what must count as one of the largest port sales in history, the Victorian state government in Australia has completed the handover of the port of Melbourne for a whopping A$9.7bn (US$7.3bn) to a consortium of infrastructure investors – including, notably to many Australian minds, one of China’s largest sovereign wealth funds, CIC Capital. It is the latest lock, stock and barrel sale of key infrastructure to private investors, as the country’s municipal authorities appear to run out of funds ...