Billionaire Gina Rinehart’s S. Kidman and Co, a joint venture between Hancock Agriculture and the Chinese-owned CRED Pastoral, confirmed the sale of the property portfolio to two buyers with significant beef production interests in eastern Australia.

Acquired by Appleton Cattle Company, three of the properties – Durrie, Naryilco and Glengyle Stations – are located in Queensland’s Channel Country

The remaining property, Brunchilly Station (including Banka Banka East) in the Northern Territory was purchased by the Harris family.

A statement from S. Kidman and Co has not disclosed the price paid for the properties.

The statement said the sale was consistent with company’s strategy of divesting properties where significant investment has improved the operation across animal welfare, employee safety, the use of technology and innovation and herd performance.

“The continued focus on animal welfare and the philosophy that ‘happy healthy cattle are the best cattle’ has driven a change in the culture across the business,” the statement said.

“Hancock Agriculture and Kidman have been leaders in this regard.”

Hancock Agriculture management have used news of the sale to reconfirm their commitment to the Australian beef industry, indicating cash made on the deals would provide further capital to focus on purchasing and improving other properties for the company’s agricultural operations.

A division of resources company Hancock Prospecting, Hancock Agriculture intends to retain and grow its remaining substantial portfolio, which includes operations in Queensland, NSW, Western Australia and the Northern Territory.

A key focus will be on improving productivity to deliver a range of grain-fed and grass-fed branded beef product products that will draw heavily from Hancock’s east coast Wagyu operations, which currently form the largest fullblood and pure-bred Wagyu herd in the world.