The auditor of a Chinese company trying to buy the Crafar dairy farms has questioned the value of its investments in New Zealand.
The auditor cannot say whether Natural Dairy's latest accounts give a true and fair view of the state of the company's affairs.
Natural Dairy reports it lost $HK203 million in the 14 months to the end of May.
Natural Dairy says its 20% stake in May Wang's UBNZ, which has applied to buy the farms, is worth $HK552 million.
But the auditor cannot verify that because of a lack of reliable financial information.