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Crafar farms buyer pleased with ruling

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Crafar farms buyer pleased with ruling

3News NZ

The farms were tipped into receivership in 2009 (file pic)

The farms were tipped into receivership in 2009 (file pic)

Shanghai Pengxin, the Chinese buyer of the Crafar farms, says it's delighted the Supreme Court has rejected a second attempt by two Maori trusts to overturn the sale.

The company says there is now no obstacle to the purchase being concluded by the end of the year.

The Tiroa E and Te Hape B Trusts were part of a bidding group led by millionaire Sir Michael Fay that was the under-bidder for the 16 North Island farms being sold by receivers.

The sale has been approved by the Overseas Investment Office and the Court of Appeal has already rejected an appeal by Sir Michael and the trusts to buy the 16 properties.

In the Supreme Court ruling on Wednesday, Justices John McGrath, William Young and Susan Glazebrook dismissed the trusts' application to appeal and ordered costs of $2,500 be paid to Milk New Zealand Holdings, the Pengxin vehicle, and the Crown respondents.

Shanghai Pengxin said the purchase of the Crafar farms has been an "unbelievably protracted process".

"Over time, we hope we will demonstrate many benefits in New Zealand and China working together and maximising the opportunities available for New Zealand's largest industry in China," the company said in a statement.

The farms were tipped into receivership in 2009, and owed bankers some $274 million as at April, according to the receivers' reports.

NZN

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Comments

19/10/2012 12:03:34 p.m.

Denise wrote:

Kirsty Brown. For your information, all the Crafar Farms combined, total only a minute fraction of 1% of NZ land, rather then your "..half the North Island..". As Cathy says, that land will always remain here and cannot be removed overseas. Unlike other business venture sales can, such as Fisher & Paykel or other sold off KIWI businesses. I agree with Cathy's "So, what's the problem?" comment.

19/10/2012 4:03:49 a.m.

Kirsty Brown wrote:

I don't think anyone minds the odd overseas person buying a piece of land to have a holiday home or to bring up their kids in NZ, but when we sell half the North Island to an overseas company, that's a different story! Wrong move

18/10/2012 1:51:49 p.m.

Cathy wrote:

What a racist bunch of loosers. Firstly, the Crafar Farms are but a tiny fraction of all the land sold to overseas interests. Secondly, any NZ land sold cannot be removed and will always remain here. SO, whats the problem?

18/10/2012 12:01:01 p.m.

Toni Reid wrote:

This is the thin end of the wedge. China and other countries have enough money to buy up huge tracts of land if they so desire. And John Key has left it wide open for them to do so. We could become serfs in our own land. How many other countries allow foreign purchase of land, especially that used in a primary industry? Madness.

18/10/2012 12:00:43 p.m.

Toni Reid wrote:

This is the thin end of the wedge. China and other countries have enough money to buy up huge tracts of land if they so desire. And John Key has left it wide open for them to do so. We could become serfs in our own land. How many other countries allow foreign purchase of land, especially that used in a primary industry? Madness.

18/10/2012 11:40:24 a.m.

business wrote:

the highest bidder wins frankly Im starting not to care as if the Trusts had a higher bid what makes us think they would have done a better job and I can almost gaurantee they would have sold it off quietly and in small parcels to foreign owners anyway, playing on the keep it in NZ hands is rubbish they just wanted to make money

18/10/2012 10:54:01 a.m.

Dean wrote:

Try telling Moari that Katrina. Northland hapu Te Uri o Hau is selling a third of it's coastal land north of Auckland to an American financier to be developed as a golf course.

18/10/2012 8:37:50 a.m.

katrina wrote:

Why are we allowing mass purchasing of our land by foreign companies? They should only be allowed to less it. New Zealand purchase bids should be given first priority. We are selling out our country for short turn profit. NZ is targetted byt China as an easy push over for take over.