China purchase sparks land grab fears in N. Zealand

Sun, 05/06/2012 - 07:25 EDT - France24.com - Business

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The sale of a bankrupt dairy farm group to a Chinese firm has sparked fears of a foreign land grab in New Zealand, as well as revealing what critics label a "dark side" of the national psyche.After a review process lasting more than 12 months, the government last month approved the sale of the 16-property Crafar Farms group to China's Shanghai Pengxin in a deal reportedly worth NZ$210 million ($170 million).

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New Zealand approves farm sale to Chinese group
New Zealand on Friday approved a Chinese company's bid to buy a bankrupt dairy farm group, in a case that has stirred heated debate about foreign land ownership.Associate Finance Minister Jonathan Coleman said the government was allowing China's Shanghai Pengxin Group to buy the 16-property Crafar Farms group after receiving a favourable recommendation from the Overseas Investment Office."The combined effect of the benefits being delivered to New Zealand as a result of this transaction is substantial," he said in a statement.
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China purchase sparks land grab fears in N. Zealand

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