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Feb 15, 2012

New Zealand Reconsiders Chinese Farm Investments

On 15 February 2012 the New Zealand Herald reported on a pending Chinese investment firm's offer to purchase 16 farms in New Zealand. The offer was made by Shanghai Pengxin Group and involves the sale of 13 dairy farms and 3 livestock farms that cover approximately 16,000 acres.

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.  

About Margaret

CEO and Curator (The Food Museum) | Managing Director and Chief Editor (GR2 Global LLC) | Educator (UCLA PhD) | Researching and writing on global food issues, nutrition and health, sustainability, history (preservation), conservation (natural resources), and design.
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