Coolmore in China
|An artist’s impression of the new horse racing track in China with Coolmore set|
Chinese Government and JV partner TAK Group involve horse racing juggernaut Coolmore in £2.6 billion equestrian development
Attracting a glittering international crowd of horse racing royalty, breeding aficionados, private equity groups and billionaires, the annual Karaka Millions races and New Zealand Bloodstock 2013 Premier Sale wrapped up yesterday with 323 of the 441 catalogued lots sold for $51,051,500.
The stand out however was racing juggernaut Coolmore’s aggressive bid on Monday at $1,975,000 for lot 63, a colt by Fastnet Rock.
Furious bidding saw the colt’s price quickly soar past the million dollar mark with Peter Moody and James Harron in the battle early before making way for David Ellis and team Coolmore, who fought it out to the end.
In a US $50 million export project between China and Ireland, Coolmore last year were named as the initial joint venture partner to establish Chinas first multibillion-dollar equine facility. With a population of 1.3 billion and the second largest source of wealth in the world, after the USA, the joint venture will assist China to develop a horse racing and breeding industry.
The major £2.6billion facility is to commence construction this year and covers over 3.3 million square metres in Panzhuang, Ninghe County in Tianjin., China.
The joint venture partners involved in the establishment of the new horse breeding and property development operation are the Chinese Government owned, Tianjin State Farms Agribusiness Group; the TAK Group, a major Malaysian development organisation; and Ireland’s Coolmore Stud.
Tianjin State Farms Agribusiness Group and the TAK Group are the overall partners for the project. Led by its Managing Director, Harvard-trained, Mr. Teo Ah Khing, the TAK Group was also responsible for the design, development and delivery ahead of schedule of the world’s largest international horse racing Meyden Grandstand and Racecourse in Dubai, United Arab Emirates.
The Irish horse breeding industry is hugely export-orientated, with Ireland producing over 40% of all thoroughbred foals in Europe. The sector plays a huge part in the Irish economy, currently generating €1.1 billion annually
Speaking on behalf of Coolmore Stud and their joint venture with the Chinese government, Mr JP Magnier, said: “We are delighted to be one of the first Irish companies to kick-start this partnership and represent Ireland’s hugely successful horse breeding and racing industries.
Coolmore also own several horses in joint venture partnership with millionaire Sir Owen Glenn (pictured below), half owner of the New Zealand Vodafone Warriors rugby team, who last year sold his international logistics company for an undisclosed sum. Sir Owen took nine yearlings to the New Zealand Blood Stock Premier Sales over the weekend, and owns Criterion, the two year old tipped as favourite to win the $3,500,000 Golden Slipper at Rosehill Racecourse in Sydney on April 6th.
Sir Owen owns Blandford Lodge in partnership with Graham and Helen-Gaye Bax and has had success with numerous racehorses such as Railings, Headturner, Second Coming, Mr Fatz, Mr Ubiquitous, Cossack, Voice Coach, Bright Mind and Fairfield Flame.