The Chinese Government-backed Shanghai Pengxin bid for the 16 Crafar farms has been approved.
Land Information Minster maurice Williamson and Associate Finance Minister Jonathan Coleman today announced that they have accepted the recommendation of the Overseas investment Office to accept the bid from Pengxin.
In a release just published, the ministers said that it was clear that all criteria under sections 16 and 18 of the Overseas Investment Act were met.
"We are satisfied that Milk New Zealand's application for consent meets the criteria set out in the Act," said Coleman.
The approval follows the receivers, KordaMentha's acceptance in late 2010 of Milk New Zealand's bid for the farms.
"Milk New Zealand's acquisition will further support the supply of high quality dairy products into the Chinese market and help set the foundations for further economic and export opportunities with China," said the Government.
"Stringent conditions policed by the OIO will ensure that Milk New Zealand's investment delivers substantial and identifiable benefits to New Zealand."
"These include investing more than $14m into the farms making them more economically and environmentally sustainable; protecting the Nga Herenga and the Te Ruaki pa sites and improving walking access to the Pureora Forest Park and Te Rere falls. An on-farm training facility for dairy farm workers will also be established."
It hasn't been a good week for the left-leaning blogs. Firstly, Ernst and Young exposed the misinformation that MUNZ has tried to spread. Then the Auckland council got rid of the Occupy protesters, and Penny Bright paid a visit to the cells. And now there's this.
As we said earlier, if you have sensitive eyes and ears, you might wish to take precautions. The Left is about to shriek in indignation again, aided and abetted by Winston Peters, the Clown Prince of Xenophobia.
And in the meantime, someone might like to ask David Shearer why it was ok for the previous government to sell 650,000 hectares of New Zealand land (the Crafar sale involves 8000 hectares) to purchasers from a variety of nationalities, but why the Chinese purchasers of the Crafar farms are unwelcome. We'd love to hear his answer.
UPDATE: This graphic from DPF shows the relationship of the land which comprises the 16 Crafar farms compared to the land which was sold during the time of the Clark administration.
Do you still want to go down the "tenants in our own land" road Mr Shearer?