Debating Foreign Investment
New Zealand Federated Farmers chief executive Conor English speaks from Wellington with Rishaad Salamat on Bloomberg Television’s “On the Move Asia” about Shanghai Pengxin Group Co.’s plan to buy 16 New Zealand dairy farms. Shanghai Pengxin, a Chinese property developer seeking to export dairy products to Asia — whose offer is believed to be about $210 million — won approval to purchase the farms, amid local objections to rising foreign ownership of ownership. English said: “There are plenty of farmers who aren’t happy about it, but there are also farmers who think we need foreign investment. At the moment only around 2 per cent of our land is owned by foreigners. One of the good things about the [sale] is the purchasers are going to use local management; they’re going to use Landcorp.” Strict conditions apply to the sale, including that Pengxin only invest in milk processing facilities that are at least 50 per cent New Zealand-owned.