Crafar Farms deal settled

The Crafar Farms deal settled yesterday. Shanghai Pengxin issued the following statement:

Two years after it made a successful bid for the 16 North Island Crafar farms, Chinese company Shanghai Pengxin has withstood all legal challenges and finally been able to settle on the properties and take possession.

The properties, have been purchased in the name of a subsidiary company, Pengxin New Zealand Farm Group. They will be managed by a new joint venture company, Pengxin New Zealand Farm Management Ltd, a 50/50 joint venture with Government-owned Landcorp, which will be the managing partner, and which is increasing staff numbers to run the 16 farms.

The 13 dairy farms and three dry stock farms total almost 8,000 hectares and currently carry some 16,000 cows. The company is committed to investing $15.7 million in the next three years to upgrade the properties and increase milk production, which will initially be sold to Fonterra.

Great stuff, now we can get on with the other aspects of the deal opening up new access and markets in China.

  • amerikiwi77

    “I, for one, welcome our new insect overlords”

    In all seriousness, this is great news! I agree with you
    Cam, now let’s get on with growing our economy and locally and globally.

  • Michael

    Who would ever have guessed the world ended on a Friday? (Apart from the Mayans – the 21st this month is a Friday)

    • Gazzaw

      What were you on last night Michael?

      • Michael

        Your mother. Boom!

        • Gazzaw

          Would make a change from your sister then. Boom, boom.

  • Zephyr Cobalt

    I have to applaud the persistence of Shanghai Pengcin. Up against the undermining of the very sleazy and untrustworthy Michael Fay, and vitriolic racist comments from the red necks and the Greens, Shanghai Pengcin have “hung in” to acquire a bankrupt business which, in partnership with Landcorp, will now hopefully grow into a profitable concern feeding many children and families in China with wholesome kiwi products. It’s a win for all..

  • Gazzaw

    This is great news. I spotted Fay and his fellow consortium members, minders & gofers in the lobby of the Auckland Hilton in October last year. It reminded me of everything that was nasty about our country back in the 80s after the labour victory and the corporate raiders were filling their pockets at the expense of their fellow citizens. Well, here’s one in the eye for you Mr Fay (In your case I’ll ignore the ‘Sir’) & I have the feeling that the wheel of karma has not yet finished turning. As for the greens, labour, winston & the xenophobes well fuck you all.

    Good luck Shanghai Pengxin.

  • blazer

    good to see it settled.God knows how much Korda Mentha filled their pockets with.

    • Pissedoffyouth

      You really dislike profit don’t you blazer?

      • blazer

        not at all….excessive,obscene remuneration costs everyone.

        • Mostly_Harmless

          Who’s being obscenely remunerated here?

          • blazer

            the figures I’ve heard suggest the recievers charges were circa $20million.!

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