Foreign ownership of land in New Zealand is allowed only if the purchase benefits the country. In this case, Shanghai Pengxin Group made an offer of $210 million as compared to a $171.5 offer made by UBNZ Assets Holdings, a group of New Zealand interests. The New Zealand group has filed suit against the Chinese purchase arguing that they had plans to invest and additional $200 million over time, after purchase. This benefits New Zealand and the Chinese bid does not.
New Zealand Overseas Investment Office is reviewing the matter. The farms have been in receivership since 2010 and the Shanghai Pengxin Group offer remains pending.
Bennett, Adam. "Crafar sale benefits 'overstated.'" New Zealand Herald, 15 February 2012.