The government has approved the sale of the Westpac Farms formerly owned by the Crafar Family to Shanghai Pengxin. It looks like Coleman found his testicles after all:
Land Information Minister Maurice Williamson and Associate Finance Minister Jonathan Coleman this morning announced they had approved¬†the new recommendation of the Overseas Investment Office (OIO)¬†to grant consent to the Chinese-owned Milk New Zealand Holding Limited to acquire the 16 Crafar farms.
Fay said the decision was “wrong” and not good for the economy.
“It shows the Government has no commitment to the people who live and work in the rural sector. Sixteen dairy farms – an area the size of Hamilton – and a minimum $20 million per year of Fonterra milk payouts are lost to the Central North Island economy for good.
On the flip side, a Chinese official says Kiwis should “be happy” that foreigners want to buy land and invest here.
Good stuff…I imagine Fay will now spit the dummy and try and sue again so he can get a cheap deal.