3 Jul 2012

Shanghai Pengxin not deterred from more investment here

12:54 pm on 3 July 2012

A spokesperson for the Chinese company signed up to buy the Crafar farms says legal challenges have not put it off investing in New Zealand.

Judges on Monday reserved their decision on a fresh appeal against the Government's consent for Shanghai Pengxin to buy the 16 North Island farms.

The appeal is the latest bid by a group of iwi and farmers led by Sir Michael Fay to overturn the decision.

The Overseas Investment Office has given the deal the green light twice.

Shanghai Pengxin New Zealand spokesman Cedric Allan says the purchase process has been a marathon effort.

''To be frank, the long delay in getting approval, is costing everyone,'' he said.

But Mr Allan said Shanghai Pengxin has not been put off making further investments in New Zealand.

''The chairman of the company has just received consent to make a substantial investment at Gulf Harbour, just north of Auckland, and he is looking at other investment possibilities in this country,'' he said.