The Australian Government is allowing the sale of the New Plymouth District Council's biggest investment - a Tasmanian dairy company worth millions of dollars.
Australian Treasurer Scott Morrison has rubber-stamped the Foreign Investment Review Board's recommendation approving the $307 million sale of Van Diemens' Land Company's Tasman Farms to the Chinese buyer Moon Lake Investments.
The sale had earlier been subject to an injunction from TasFoods, which was a short-listed bidder.
New Plymouth mayor Andrew Judd said the sale of the 25 farms and 18,000 dairy cows and 12,000 heifers was a great result for the city.
The money would be reinvested via its Perpetual Investment Fund.