Furor over Shanghai firm’s purchase plan
Print Edition
NEW Zealand’s main farming organization yesterday expressed unease about Chinese food giant Shanghai Pengxin Group’s planned purchase of a major dairy holding as the political row over the proposed sale deepened with accusations of xenophobia.
Federated Farmers President William Rolleston said the sale of the central North Island Lochinver Station, which is still subject to approval by New Zealand’s Overseas Investment Office and Chinese authorities, “may not provide sufficient benefit to New Zealand.”
“New Zealand absolutely needs foreign investment, but it has to be of benefit to the local and national economy,” Rolleston said. “Since Lochinver Station is highly regarded in farming circles, there must be something very special and we are keen to know what that is,” said Rolleston.
Lochinver is close to 16 other North Island dairy farms that Shanghai Pengxin bought in 2012, which would increase speculation that vertical integration — control of the entire dairy process from farm to processing — was likely, he said. “The reality is that here, no one knows how much of our farmland or housing is foreign owned. To base critical economic policy decisions around a hunch is unacceptable.”
Shanghai Pengxin’s intentions became a political issue in the run-up to the September 20 general election when the fledgling Conservative Party revealed the plan to buy Lochinver, saying it was being kept secret from the public for fear of a backlash against sales of productive land to foreign interests.
The Conservative Party and opposition parties have called for tighter rules on land sales to foreigners and for a register of foreign-owned properties.
But Economic Development Minister Steven Joyce called the main opposition Labour Party “xenophobic.”
Labour finance spokesperson David Parker said the government had broken its own promise to restrict foreign land sales. “Labour has criticized the sale of farms and houses to American, European and Asian buyers. It is not racist or xenophobic to do so,” he said.
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