Cubby Station, Australia's largest cotton farm, has passed into the control of a Chinese consortium.
The ABC reports the station in southern Queensland had been in administration for more than three years.
"We haven't got investors in Australia to enter into these ventures unfortunately, so you've got to take the next best thing and that's foreign investment," said St George Chamber of Commerce president John Travers on Friday.
"We've just got to work the best with it as we can and I'm sure with the staff they've got there they'll do a good job."
The chamber hopes the new owners will bring stability to the local economy.