2 Apr 2010

More info sought on Hong Kong bid for NZ farms

1:12 pm on 2 April 2010

A Hong Kong-based investor which wants to spend $1.5 billion buying a chunk of the New Zealand dairy industry has hit a snag.

The Overseas Investment Office has requested additional information about its intended purchases.

Natural Dairy Holdings has already bought four farms from the failed Crafar farming family operation.

It is also in talks to buy another 24 farms from a related company, UBNZ Asset Holdings, and its representatives say the company plans to set up processing plants in New Zealand.

The Overseas Investment Office now says it needs more information about the company's New Zealand purchases.

A spokesperson for the office says the request relates to an application made on 24 March, but is refusing to say what information is required or which asset purchases it related to.

Natural Dairy says it's working on a more detailed business plan and intends resubmitting its application.