INDEPENDENT NEWS

Shanghai Pengxin Group invests in Taupo farm

Published: Fri 1 Aug 2014 03:37 PM
Shanghai Pengxin Group invests in Taupo farm through local subsidiary
Pure 100 Farm Limited, a local subsidiary of Shanghai Pengxin Group has signed a Sale and Purchase Agreement for Lochinver Station in the Central North Island.
The Central Plateau farm acquisition is now before the Overseas Investment Office (OIO) and will then go through the Chinese regulatory approval process prior to settlement.
The Group currently owns 16 farms in the North Island and has significantly enhanced these assets. According to a Land Information New Zealand report[1], PNZFGL (another local subsidiary) has been instrumental in the re-development and improvement of the North Island farm properties it owns.
The Group plans to secure operational synergies over time with this planned farm acquisition and some of its neighbouring North Island farms.
In March this year, the Group secured a 74 per cent stake in 13 farms in the South Island and has committed to capital improvements and implementing innovative industry concepts.
The Shanghai Pengxin philosophy is to work co-operatively through its local subsidiaries within the New Zealand farming industry and support new investment and innovative opportunities, as well as productivity enhancement, sustainable farming practices, and building supply chain capability.
ENDS

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