Tuesday, 08 March 2016 12:55

No takeover plans despite OIO fears

Written by  Peter Burke
President of Shanghai Pengxin Investments in New Zealand, Terry Lee. President of Shanghai Pengxin Investments in New Zealand, Terry Lee.

The president of Shanghai Pengxin Investments in New Zealand, Terry Lee, says the company's future investment in the NZ dairy industry is being thwarted.

Lee says the rules imposed by the Overseas Investment Office (OIO), which approves land purchases by foreigners, need to change and be clearer for investors.

Lee says many people misunderstand Shanghai Pengxin's investment intentions; there is no fear of them taking over the country.

"This is a wrong perception about Shanghai Pengxin. There is no other Chinese company coming to NZ and buying dairy arms and we are quite small in percentage terms compared with other investors from Europe, America and Australia."

Lee says his company is also invested in real estate and hotels in NZ and is keen to build relationships here. The company would expand its interests in dairying or other types of farming if opportunities arose.

"We believe NZ is a modern country with a good legal system and well educated people," Lee says. "I hope in time NZ people will understand more about Pengxin and more about our strategy and our contribution to the local economy and society."

The company's long term strategy is to seek partnerships and joint ventures.

More like this

Cold comfort

One of the most galling aspects of the tariffs whacked on our farm exports to the US is the fact that, now more than ever, US farmers are being propped up by government welfare – a direct result of Trump’s hardline on its trading partners.

Strong wool eyes China

China looks set to play a key role in helping the New Zealand wool sector shift away from trading as a commodity supplier.

NZ wine grapples with oversupply despite export gains

The large 2025 harvest will exacerbate the wine industry's "lingering" supply from recent vintages, New Zealand Winegrowers Chief Executive Philip Gregan told attendees at Grape Days events around the country in June.

Featured

$2b boost in NZ exports to EU

New Zealand’s trade with the European Union has jumped $2 billion since a free trade deal entered into force in May last year.

US tariffs hit European ag machinery markets

The climate of uncertainty and market fragmentation that currently characterises the global economy suggests that many of the European agricultural machinery manufacturers will be looking for new markets.

Tributes paid to Jim Bolger

Dignitaries from  all walks of life – the governor general,  politicians past and present, Maoridom- including the Maori Queen, church leaders, the primary sector and family and  friends packed Our Lady of Kapiti’s Catholic church in Paraparaumu on Thursday October 23 to pay tribute to former prime Minister, Jim Bolger who died last week.

National

Machinery & Products

» Latest Print Issues Online

Milking It

Fonterra vote

OPINION: Voting is underway for Fonterra’s divestment proposal, with shareholders deciding whether or not sell its consumer brands business.

Follow the police beat

OPINION: Politicians and Wellington bureaucrats should take a leaf out of the book of Canterbury District Police Commander Superintendent Tony Hill.

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter