Land Sale Stopped In Court

High Court Judge Forrest Miller has halted the first ever sale of dairy farms to Chinese investors, Shanghai Pengxin, the latest twist in a saga that’s dividing a country reliant on agriculture for much of its export earnings. Judge Miller ruled the New Zealand government overstated the economic benefits that the Chinese investors would bring when the government approved the sale of the 16 farms in January. A consortium of local farmers and businessmen led by merchant banker Sir Michael Fay filed the court action seeking to block the sale. The group earlier offered to pay $140 million to buy the land itself. “We’re very pleased with the decision from Justice Miller,” consortium spokesman Alan McDonald said. “Our view is that Shanghai Pengxin never brought any real economic benefits to New Zealand.”

Tags: Agriculture  Alan McDonald  Chinese Investors  Dairy Industry  economic  Farmers  High Court Judge Forrest Miller  Michael Fay  Shanghai Pengxin  Washington Post