12 Oct 2015

Dakang NZ pulls plug on Northland purchase

5:42 pm on 12 October 2015

A Chinese firm has quit plans to buy farmland in Northland, saying the process of getting official consent is slow and cumbersome.

Dakang New Zealand Farm Group says it has stopped trying to buy seven dairy and three support farms in Northland.

Dakang is 55 percent owned by Shanghai Pengxin, which bought the Crafar farms and tried to buy Lochinver station near Taupo.

Dakang's chief executive officer, Gary Romano, says his firm lodged an application with the Overseas Investment Office in April believing five months would be enough time but it wasn't.