Public backs Fay bid for Crafar farms - poll
Tue, 24 Apr 2012 7:03a.m.
With Chinese company Shanghai Pengxin approved for the second time to purchase the Crafar farms, New Zealanders say they would prefer to see the farms sold to a Kiwi consortium led by businessman Sir Michael Fay for almost $40 million less.
Land Information Minister Maurice Williamson and Associate Finance Minister Jonathan Coleman said on Friday they had approved a new recommendation of the Overseas Investment Office (OIO) to grant consent to Shanghai Pengxin subsidiary Milk New Zealand Holding Ltd to acquire 16 farms formerly owned by the Crafar family.
The OIO was forced to reconsider its earlier approval after a High Court challenge by the Sir Michael-led Crafar Farms Independent Purchaser Group.
Nearly two-thirds of 307 voters surveyed in a New Zealand Herald DigiPoll, conducted last week, say they would prefer to see the farms owned by the consortium, which also includes farmers and Maori groups.
Just under 64 percent said they preferred the Fay consortium, while 15 percent preferred Shanghai Pengxin.
A further 15 per cent were unsure, while six per cent said neither option.
The support for the consortium comes despite Sir Michael's history selling newly privatised, state-owned shares and assets during the 1990s.
The Crafar Farms Independent Purchaser Group made a rival $171.5 million offer for the land, while Shanghai Pengxin's bid is understood to have offered $210 million.
The group has lodged a second appeal, this time against aspects of the High Court decision that forced the government to reconsider its approval of the sale to Shanghai Pengxin.
The appeal, lodged six to eight weeks ago, relates to how the OIO applied the "business acumen" test, given Chinese property investor Shanghai Pengxin had no dairying expertise and plans to use Landcorp to farm the land.
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28/04/2012 10:46:30 a.m.
No issue here. Land can't be moved, it will always be here, current owners whoever they are and wherever they are from, are only temporary caretakers of it.
What owners do while they own it meantime, must follow the laws of our land and overseeing this with due process is the responsibility of those we pay to police such things.
26/04/2012 3:01:47 p.m.
The public need to go along to the Protest March to stop land sales to foreign investors, 28th March, this Saturday, 3pm from Britomary - nobody wants our land sold off. Large Countries such as China are running out of food sources and buying up land from Countries who are selling to use to feed their own people-they wouldn't give a toss about NZ and NZers!
25/04/2012 1:16:01 p.m.
Since Shanghai Pengxin operates supermarkets in China and its profits will come from the sale of dairy produce there then unlike the sir Michael fay bid there is absolutely no benefit in this deal for New Zealand.
Shanghai Pengxin will benefit from renting the farms to Land Corp and from accessing cheaper dairy produce from the farms. No benefit will accrue from ther export of the dairy produce from the farms since the profits from their sale in Shanghai Pengxins supermarkets in China and not here.
A classic case of milking our strategic agricultural assets for overseas benefit.
How stupid can this National government get? Unlike this ripoff neither the Harvard nor the German Agribusiness approvals are less harmful to our dairy industry since they are not in the business of undermining our dairy profits nor ripping us off offshore.
25/04/2012 3:55:45 a.m.
Chris Archer wrote:
1/ The -so called- benefits (a scholarship here and there and some upgrades) are a load of BS. That's nothing compared to the land being held in NZ hands.
2/ And this certainly cannot be called an 'investment'... This is 'selling', no other word for it.
3/ People are using the word ‘xenophobia’ a lot. This concern [NOT xenophobia] over the Chinese is PERFECTLY justified... They have a habit of corrupt business practices, bleeding companies and countries dry, and other unethical behaviour...
4/ Then there is the real political concern... China is still a communist dictatorship, where human rights abuses happen every minute of the day... Once, -not long ago- NZ would limit its involvement with such countries. Basically, the money that has bought the Crafer farms is blood money from China. All Chinese government money is blood money, because it is not a free democratic nation, with civil rights, freedom of speech etc. There used to be a dividing line between nations of liberty and nations of dictatorship... But the NZ government now IS NOW A SELLOUT to China. Even Oz now has stricter investment laws.
5/ Much better to have German and French investment. The European ethics/business practices and corporate responsibility are much like NZ people.
24/04/2012 10:24:28 p.m.
Mil Tupeke wrote:
Michael Fay should buy the Crafar Farms for $210mil.
24/04/2012 2:07:43 p.m.
Not one more acre of NZ land should be sold into foreign ownership! No government has the authority to allow this when so many NZers so strongly oppose it. We need a referendum on the issue and we need it now. Winston, where are you? We need you on this.
24/04/2012 1:47:10 p.m.
Its the foreign owned bank that is selling so they couldn't care less who buys it. What is the prospective owner's track record of environmental responsibilty over profit? NZ's clean green image is already tarnished. What's going to happen to that soon with the Chinese way of doing things? With all the behind the scenes pressure/blackmail to allow the Chinese to buy because of the free trade agreement, what will they be pressuring to do next and continuing to do into the future. Their first bid was fronted by a woman of dubious history. Keep it locally owned! Once it's gone, it's gone forever
24/04/2012 12:15:34 p.m.
Sell it to Fay John. He is kiwi and will do something productive with the land. The Asians will own and it will never in a million years become owned by NZ again. Once they get it they will never let it go. Keep it in NZ and don't sell us up the river John.!!!!
24/04/2012 11:08:18 a.m.
Who is Fays group made up of? And with his track record what is to stop him selling it on for a 40M profit?
24/04/2012 10:58:44 a.m.
I have no problem with any race or creed from any country purchasing land or investing in NZ, however if it is not possible for NZr's to do the same in that country then no way, as for the Fay bid if all is above board then good on them,doubts still in a lot of peoples minds over the wine box inquiry though, both he and his business partner at the time left NZ very quickly, it would be a great shame if ownership of these farms were not kept in NZ hands.
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