U.S. investment firm Cerberus Capital Management, which is linked to the Trump administration, has shown interest in taking over the Chinese-leased Port of Darwin.
Before the federal election on May 3, both the Albanese government and the federal opposition pledged to take back the port from the Beijing-linked company, Landbridge.
“We’ve been informally engaging with potential buyers for some time,” Prime Minister Anthony Albanese said at the time. “If the need arises for direct Commonwealth involvement, we’re ready to act.”
On May 28, Terry O'Connor, Landbridge’s non-executive director for Australia, confirmed that a representative from Cerberus had met with Darwin Port’s management, but had not made an offer for the asset.
“In that meeting [Cerberus] expressed interest about potential investment in the port, given that the company had a fairly high investment portfolio around the world,” he told the ABC.
“There’s certainly been no prices negotiated [for the port], no prices even discussed or raised.
“We would see Cerberus’s interest as the same level of interest as we’ve received from multiple other companies who have talked to the port [management] over the past couple of months.”
In 2015, the Northern Territory’s then-Country Liberal Party government leased the port to Landbridge on a 99 year deal valued at $506 million.
The agreement raised national security concerns, including from former U.S. President Barack Obama, prompting the Turnbull Liberal government to strengthen asset sale regulations through the Foreign Investment Review Board.
Who is Cerberus?
Known for its expertise in distressed asset acquisitions, Cerberus Capital Management manages approximately $65 billion in assets, spanning sectors such as military, automotive, real estate, and aviation.
In March, the U.S. Senate confirmed Cerberus co-founder Stephen Feinberg to be the 36th Deputy Secretary of Defense in a 59–40 vote, moving him up to the number two position at the Pentagon behind Defense Secretary Pete Hegseth.
In this capacity, Feinberg will serve as the Department of Defense’s chief operating officer, overseeing day-to-day management and executing the Secretary of Defense’s strategic priorities.
Xiao Qian, the Chinese Communist Party (CCP) Ambassador to Australia, issued a strong rebuke of the Australian government’s plan to reclaim the port lease.
“It is ethically questionable to lease the port when it was unprofitable and then seek to reclaim it once it becomes profitable,” he said in a statement published on his website on May 25.
This statement came days after his trip to Darwin, where he visited the port, met with staff at Landbridge, and took questions from both Chinese and Australian media.
The Epoch Times has reached out to Landbridge, the Prime Minister’s Office, and the Northern Territory government for comment.
