Chinese investment in Australia faces litmus test with two new deals

Australia’s coalition government will face its biggest test regarding investment from mainland China since its May re-election with at least two corporate buyouts likely to require approval from a regulatory body increasingly vigilant against security risks.Beijing-backed Mengniu Dairy on Monday offered US$13.25 per share to buy Bellamy’s, valuing the infant milk powder producer at A$1.5 billion (US$1.03 billion).The deal has been recommended by Bellamy’s directors but still requires approval…