The businesswoman behind the companies that have purchased four farms owned by the Crafar family is warning that her Chinese investors may give up on New Zealand altogether.
The four dairy farms were purchased in February by companies associated with a New Zealand citizen, May Wang.
The Overseas Investment Office says it was expecting an application from Ms Wang's company for the land, but it has now tired of waiting and relaunched its investigation.
The companies intend to buy 16 other Crafar farms in receivership.
Ms Wang says the investigation risks slowing down the rest of the overall deal.
She says if New Zealand doesn't want the investment, her Hong Kong backers will take it to another dairying nation which does.