The National Business Review reported yesterday in its lead story:

The goal posts have shifted in the deal to buy Lochinver Station with a second Chinese company now involved in the overseas investment application process.

NBR ONLINE has learned Shenzhen-listed Hunan Dakang Pasture Farming is raising capital to acquire the New Zealand acquisition vehicle from Shanghai Pengxin Group.

The deal includes 16 Crafar farms and the 75% stake in Canterbury’s Synlait Farms, already acquired by Shanghai Pengxin, and also the potential acquisition of Lochinver, a 14,000ha property near Taupo….

Wellington man David Lane, who writes on the blog “Society for Promotion of Community Standards” [SPCS] says the recent delays lack transparency.

“The OIO [Overseas Investment Office] clerarly instructed Shanghai Pengxin to set up a wholly-owned subsidiary in New Zealand as an appropriate vehicle to purchase the Lochinver Station”.

Lane says if Dakang is now buying that subsidiary through An Yuan Dairy, the scheme runs counter to what the OIO requested.

‘Some 45% of the ownership of the assets will be in the hands of those who have not been scrutinised by OIO”.

Source: National Business Review. Story by Chief Reporter Duncan Bridgeman. 26 September 2014

For full article see: http://www.nbr.co.nz/article/listed-chinese-firm-targets-lochinver-and-other-nz-farm-assets-db-p-163047