Chongqing Grain Group is one of Chinas largest state-owned grain corporations. In accordance to China's 'Strategic Plan for Agricultural âGoing Out'', Choingqing Group announced in April 2010 plans for a US$300-million soybean project in Bahia, Brazil, that would include infrastructure construction and control over 100,000 ha of land, with potential to expand to 200,000 ha. Brazilian authorities publicly denied that the deal involved the transfer of lands, but in an interview with state TV channel CCTV in February 2011, Huang Qifan, the mayor of Chongqing, reiterated that the company had been allocated the land and that the project would be managed by a joint venture company 70% owned by Chongqing Grain and 30% by Brazilian investors, and partnerships with local producers. Political pressure from international NGOs and local social movements steered the project away from farms and towards soy processing plants supplied by rented lands.
The company invested US$879 million in the project, with much of this being provided by the Development Bank of China. This is the biggest overseas investment made by a Chinese agricultural enterprise, and will form China's largest overseas production source for cooking oil.