Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Shanghai Pengxin agrees to buy Lochinver Station

Pengxin widens NZ farm portfolio, buying 13,800 hectare Lochinver Station

Aug. 1 (BusinessDesk) - Shanghai Pengxin Group is adding to its portfolio of New Zealand dairy assets with agreement to acquire the 13,800 hectare Lochinver Station near Taupo reportedly worth $70 million.

The purchase by Pengxin subsidiary Pure 100 Farm is subject to Overseas Investment Office approval and will then need clearance in China, the company said in a statement.

The OIO cleared Pengxin to purchase the 16 Crafar dairy farms and the company also owns 74 percent of Synlait Farm Holdings in the South Island, which supplies Synlait Milk. The company also has a supply and purchase agreement with Miraka for ultra-heat treated milk to target the Chinese market.

Pengxin “plans to secure operational synergies over time with this planned farm acquisition and some of its neighbouring North Island farms,” according to a statement released by a public relations agency.

According to an online Bayleys advertisment, Lochinver Station "features both exceptional scale and standard, currently operating as a profitable sheep and beef breeding and finishing station supplemented with dairy grazing. It is predominantly flat to easy hill country, ensuring the farm’s potential for a range of farming systems, including dairying, dairy support, stud, deer farming, cropping, sheep and beef finishing.".

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>

ALSO:

Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO: