14 Oct 2015

Kiwi owners deny sale of Aust farming business

1:49 pm on 14 October 2015

The New Zealand owners of Australia's largest and oldest dairy farming business deny it has been sold to Chinese buyers.

The Van Diemen Land Company is owned by the New Plymouth District Council and run by Taranaki Investment Management Limited (TMIL).

Australian media have reported the 25 Tasmanian farms had been effectively sold to Herman Shao-ming Hu and Kenny Zhang, of Ryoden Development and Waratah Corporation for $270 million.

However in a statement, TIML chairman Keith Sutton, said the farms were for sale but speculation they had been sold was incorrect.

Mr Sutton said TIML was talking with a number of parties who were completing due diligence and funding plans - all under strict non-disclosure and confidentiality requirements.