April 24, 2012

New Zealand okays Chinese dairy purchase again

The sale of a number of New Zealand dairy farms to a Chinese company has once again been approved by the New Zealand Government.

The sale to Shanghai Pengxin of 16 dairy holdings that were in receivership was prevented by a New Zealand Court in February.

A consortium of businessmen and farmers had opposed the sale, saying the Chinese company had overstated how much it would invest in New Zealand.

But now the government has again approved the sale, worth US$160 million.