Categories: Business

New Zealand Vetoes Lochinver Station Purchase by China’s Shanghai Pengxin

New Zealand’s government has decided to block the $56 million purchase of local farm Lochinver Station by Chinese company Shanghai Pengxin.

The government said it was not satisfied that the sale of the Lochinver Station would be of substantial benefit to New Zealand, which is a key requirement for a big land purchase.

The move comes after the body that oversees bids for sensitive assets in New Zealand had approved the sale.

There have been growing concerns about foreign land ownership in New Zealand.

Those fears were stoked after Shanghai Pengxin New Zealand, which is a unit of the Chinese parent firm Shanghai Pengxin, bought 16 dairy farms in New Zeland in 2011.

China is New Zealand’s biggest market for many dairy and meat products. Dairy products are also New Zealand’s biggest export.

Shanghai Pengxin said in a statement that it was “surprised and extremely disappointed with the decision and will be considering our options”.

The 13,800-hectare Lochinver farm is located in North Island and is used to breed sheep, as well as cattle for beef and dairy products.

The Chinese government has encouraged its companies to look to overseas markets to meet the demands of its growing consumer class.

Stevenson Group, the company selling the farm, said it was also disappointed by the outcome after a 14-month process.

“We are unclear as to why this property is different to the many others that have been approved through the Overseas Investment Office process, given the obvious benefits both to the farm and to Stevenson Group,” the compny said in a statement.

Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Donald Trump and Elon Musk Celebrate Election Victory at UFC 309

Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…

4 days ago

White House 2024: Donald Trump Wins, Kamala Harris Calls Him to Concede Election

Millions of voters across the US chose to return Donald Trump to the White House…

2 weeks ago

Who Won? Donald Trump Declares Victory as He Addresses Jubilant Supporters in Florida

Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…

2 weeks ago

Stocks Soaring as Donald Trump Closes in on US Victory

Stocks around the world are rising as Donald Trump appears to be on the cusp…

2 weeks ago

Who Won? Kamala Harris Cancels Election Night Party as Path to Victory Narrows

Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…

2 weeks ago

Quincy Jones Dead at 91

Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…

2 weeks ago