Chinese Developer Wins Approval to Buy 16 New Zealand Farms
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Shanghai Pengxin Group Co., a Chinese property developer seeking to export dairy products to Asia, won approval to buy 16 New Zealand dairy farms amid local objections to rising foreign ownership of assets.
Land Information Minister Maurice Williamson and Associate Finance Minister Jonathan Coleman approved the deal on recommendation of the Overseas Investment Office, which assesses foreign bids for sensitive New Zealand assets, according to a statement. KordaMentha, which is administering the farms after they were put into receivership, accepted the offer a year ago, conditional on regulatory clearance.