Chinese bid for farms still un

The Overseas Investment Office (OIO) says nearly two weeks after receiving an application from Chinese investors keen to buy the Crafar farms it is still doing an initial assessment, a job it usually aims to do in five working days.

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A spokesman said the OIO was "still continuing" with its assessment of an application by Chinese company Natural Dairy to acquire 80 per cent of the shares of Chinese businesswoman May Wang's UBNZ Assets Holdings, in order to buy the 16 in-receivership Crafar farms.

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UBNZ, a New Zealand-registered company, has negotiated a sale and purchase agreement with Crafar receivers KordaMentha on behalf of Hong Kong's Natural Dairy. The agreement is conditional on OIO consent, which could take several weeks, and provided KordaMentha does not get a better offer. Meanwhile, the receivers say they are negotiating with preferred tenderers from a market- ing Ebel 1911 Fake campaign which closed last week and attracted 50 bidders for all or part of the 16-farm portfolio. Receiver Michael Stiassny will not discuss the tenderers but said the preference was to sell the mainly dairy farms in the southern and central North Island as a complete package.

UBNZ and Natural Dairy had an earlier application returned by the OIO because of lack of detail and underpaid fees. If the latest application meets OIO requirements, the office will register and start processing it. The OIO said it aimed to do so in 50 days.

BusinessDay asked the OIO when Cabinet ministers became involved in an application. OIO manager Annelies McClure said the ministers delegated to make the decision in the Natural Dairy case are Kate Wilkinson and Maurice Williamson.

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The OIO would provide the ministers with a report and recommendation on whether consent should be given or declined. The report would take into account criteria and factors in the Overseas Investment Act 2005, Ms McClure said.

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