Silver lining for Bauer
Fa r m i n g G U A R D IA N
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Linda and Les
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Tuesday, Aug 5, 2014
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THE INDEPENDENT VOICE OF MID CANTERBURY
US interest in $22.3m sale BY SUE NEWMAN
SUE.N@THEGUARDIAN.CO.NZ
A Mid Canterbury farm has been sold to a United States/ New Zealand joint venture company for more than $22.3 million. The Trig Road, Lowcliffe, farm is the latest of 10 freehold properties and five non-freehold properties in the district sold to overseas interests since 2009. Dairy Farms NZ Ltd told the Overseas Investment Office that its investment would likely lead to increased milk production, an office report reveals. The office approved the deal
because it was satisfied there would be a substantial and identifiable benefit to New Zealand, the report said. News of the deal, which was signed-off in June, came as politicians argued the merits of selling productive land to overseas interests. The Labour Party, New Zealand First, the Conservative Party and the Greens have all got policies limiting overseas investment. They revisited their policies after it was revealed a $70 million North Island station would be sold to the Chinese company that bought Crafar Farms. Land Information New Zea-
land documents show more than 390 hectares of land in the Ashburton District has been sold to companies owned or part owned by overseas interests. The Lowcliffe farm was sold by the Charlotte Joan Perkins and estate RR Perkins Partnership. Dairy Farms NZ Ltd is 62.8 per cent owned by EGI-NZ Dairy LLC, USA, 25.6 per cent by New Zealand Public and 11.6 per cent by Mana Trust. In March, Craigmore Farming NZ Ltd, which is majorityowned by United Kingdom and Hong Kong interests, bought the 275 hectare Cairndale Farm at Arundel. Mid Canterbury Federated
Farmers chair Michael Salveson said the issue of foreign ownership of New Zealand farmland was complex. While people generally accepted foreign owners who were prepared to live and work on their land, they often felt less comfortable with off-shore owners who were essentially investors, he said. Mr Salveson farmed in Scotland before moving to New Zealand, becoming a citizen, buying land and farming beef and deer in the Mid Canterbury foothills. If overseas investment was cut, then there would be fewer buyers and that would depress prices, Mr Salveson said.
“It also raises the question, should people have the ability to sell to the highest bidder or not? If you cut out overseas buyers then you cut out a lot of buyers.” The Ashburton District is a relatively small player in terms of off-shore land ownership compared to similar rural areas – Hurunui District, 15 sales, 21,800 hectares; Selwyn District, 33 sales, 44,900 hectares; Southland District, 37 sales 64,000 hectares; Tasman District, 18 sales, 23,000 hectares; Waitaki District, 19 sales, 27,000 hectares; Marlborough District, 47 sales, 18,000 hectares.
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