Chinese to buy 24 NZ dairy farms?

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marika3
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Post by marika3 » Sun Aug 19, 2012 10:41 am

digidog wrote:Has anyone heard how the Hong Kong corruption case ended?
It's still in progress:
http://www.nzherald.co.nz/business/news ... d=10827425" onclick="window.open(this.href);return false;
6:04 PM Thursday Aug 16, 2012

Under pressure from NZ First Leader Winston Peters this week, Mr Williamson told Parliament the Hong Kong legal action was now completed and the OIO was moving to force the pair to sell the farms.

This afternoon however, Mr Williamson admitted he had got it wrong and was informed this morning the case against the pair in Hong Kong was continuing.
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Re: Chinese to buy 24 NZ dairy farms?

Post by digidog » Thu Oct 25, 2012 3:52 am

NBR reports that the OIO (Overseas Investment Office) might prosecute May Wang if she is not convicted of fraud charges in Hong Kong. There's
no word on how the Hong Kong case is progressing.

http://www.nbr.co.nz/article/may-wang-c ... -ca-131212" onclick="window.open(this.href);return false;

Last week NBR reported that Wang had been charged in HK with conspiring to bribe officials and with laundering $150 million in crime proceeds.

http://www.nbr.co.nz/article/may-wang-c ... -db-102678" onclick="window.open(this.href);return false;

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Re: Chinese to buy 24 NZ dairy farms?

Post by digidog » Mon Sep 02, 2013 3:32 am

Almost a year later...
A final freezing order has been slapped on millions of dollars of property tied to Crafar Farms bidders Jack Chen and May Wang.

The High Court in April imposed an interim foreign restraining order on four multimillion-dollar properties, four North Island farms, shares, bank accounts and a BMW X5 registered in Chen's name.

The interim order - which restrains Chen and Wang from disposing of, dealing with or diminishing the value of their properties - was made at the request of Hong Kong authorities, who arrested the pair in late 2011.

Chen and Wang are facing charges over business dealings said to have happened in New Zealand while Wang was trying to buy 16 of the Crafar dairy farms.

The interim order has been extended and amended several times while the High Court has considered an application from the Commissioner of Police for its formal registration.

The commissioner also requested ancillary orders to allow the official assignee to Wang's company, UBNZ Asset Holdings (UBAH), to sell assets and pay debts and interest owed on the farms.

http://www.nzherald.co.nz/business/news ... d=11118277" onclick="window.open(this.href);return false;

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Re: Chinese to buy 24 NZ dairy farms?

Post by digidog » Mon Sep 30, 2013 12:03 am

The High Court will this afternoon decide whether evidence in the fraud case against the one-time bidders for the Crafar farms should be made public.

A hearing, scheduled to last 10 days, began in the High Court in Auckland this morning to take evidence at the request of Hong Kong authorities to assess whether the fraud case against May Wang and Jack Chen should proceed to trial.

Lawyers for the pair argued the media should be prevented from reporting evidence given during the hearing until criminal proceedings in Hong Kong had run their course.

Any trial against Wang and Chen, known in Hong Kong respectively as May Ha and Chen Keen, is not expected for at least 12 months, the High Court was told.

Lawyers for the pair said the hearing was gathering evidence to be used in Hong Kong courts, which prohibited court reporting until trial.

http://www.stuff.co.nz/business/industr ... cision-due" onclick="window.open(this.href);return false;

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Re: Chinese to buy 24 NZ dairy farms?

Post by digidog » Mon Sep 30, 2013 5:43 am

Update: court evidence suppressed until at least early 2014.

http://www.stuff.co.nz/business/farming ... suppressed" onclick="window.open(this.href);return false;

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Re: Chinese to buy 24 NZ dairy farms?

Post by digidog » Fri Oct 18, 2013 2:24 am

And in related news, Shanghai Pengxin are after another 13 South Island dairy farms.

http://www.nzherald.co.nz/business/news ... d=11142398" onclick="window.open(this.href);return false;

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Re: Chinese to buy 24 NZ dairy farms?

Post by digidog » Fri Aug 01, 2014 3:55 am

Shanghai Pengxin are at it again. This time they're after the 13,800ha Lochinver Station, southeast of Taupo. The property is valued at $70.6m and this time it's Colin Craig who's made the deal public.
"Although the deal has been agreed between the parties, and the Overseas Investment Office have received an application, the deal has not been disclosed to the public," Mr Craig said in a statement.

"We believe voters should be aware of what's going on behind closed doors, this is clearly an election issue."

The Overseas Investment Office confirmed it had received an application, but said it could not reveal the identity of the applicant.
"The National party waved through the Crafar Farms deal against our national interests and doubtless will do the same with Lochinver station.
http://www.nzherald.co.nz/business/news ... d=11302623" onclick="window.open(this.href);return false;

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Re: Chinese to buy 24 NZ dairy farms?

Post by digidog » Sat Aug 09, 2014 11:36 pm

The proposed sale of the Lochinver Station is shaping up to become a major election issue.

Bernard Hickey has written an overview in today's Herald.
Over the past five years, China's state-owned banks and a pile of property-lending finance companies lent more than US$14 trillion to developers and business owners.

That is more lending in five years than was lent by the US banking system in almost 200 years. That money is still circulating inside China and many believe it is bursting to get out, especially now property prices are starting to cool.
China is awash with cash loaned by their state-owned banks. It sounds to me like most of this is make-believe money, created to fuel their internal property boom which has certainly come to an end. The state-owned China Construction Bank was registered as a NZ bank (chair: Jenny Shipley) this year, Industrial and Commercial Bank of China (chair: Don Brash) was registered here last year. Bank of China has taken out a lease in Queen St and will also be offered a licence here. But there is an inevitable crash coming which has the potential to make the global financial crisis seem puny. Of course the smart money in China is moving offshore as quickly as possible into secure assets like NZ farms. All of the polls indicate that the vast majority of kiwis oppose large land sales to foreign entities. With trillions of dollars at stake, sales of prime NZ land will only increase unless someone in government puts a cap on it.

When China crashes and burns, what will happen to our milk and log sales? As one of the commenters on the Herald story says, "When China has its crunch, and it will, we'll have a front row seat in the crash."

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Re: Chinese to buy 24 NZ dairy farms?

Post by marika3 » Sun Aug 10, 2014 5:49 am

I hear a lot of cry along the lines: do something to not sell our land to foreigners.
But I never heard about local property owner refusing to sell to higher paying foreigner and offering an asset to local buyer with less money.

Kiwis look at property as an investment, and expect returns. Market without foreign capital would be too small and weak, prices would fall.
Any government proposing hard line on offshore sales will be swept by property owners losing on price.

Unless we stop playing investment property game and start invest funds into productive sector, no politician in their right mind would close market to the foreigners.
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Re: Chinese to buy 24 NZ dairy farms?

Post by Foggyone » Sun Aug 10, 2014 7:49 am

Three questions that haven't been asked.

1. Does this only apply to chinese, or will we deny buying to all shades and nationalities? And will previous sales ne cancelled?
2. Should New Zealanders be prevented form buying land in other countries?
3. How do the Chinese (or any other nationalities) remove the land from NZ?

As you can hear from my tone, I have no problems with these sales.
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Re: Chinese to buy 24 NZ dairy farms?

Post by digidog » Sun Aug 10, 2014 11:35 pm

I'm firmly against wholesale land sales to offshore entities so I'll take up your challenge Peter.

1. Does this only apply to chinese, or will we deny buying to all shades and nationalities?

All of the minor parties in this election are opposed to massive land sales, to all nationalities.

And will previous sales be cancelled?

The only sale under threat of cancellation is Lochinver Station as that is still in process and will require two ministers to sign off on it. It's looking like the Nats will win this election, in which case they'll likely sign off soon after and continue to flog assets and large tracts of productive land to the highest bidder. If the Nats lose, then that sale will not proceed.

2. Should New Zealanders be prevented from buying land in other countries?

I hate to tell you this Peter... we already are. Kiwis can't buy land in China (for example) or most of the Asian countries. While you can buy land in Sri Lanka, their 100% tax on land transfers to foreigners will put off most sellers. There's a land grab happening in the UK with reports that foreigners were behind 85% of prime London property sales last year. Centre-right thinktank Civitas, normally a strong supporter of the tory government says Britain should ban foreigners from buying homes.

The reason China is mentioned so often is that they're the predominent foreign buyer worldwide. "Chinese buyers don't want your house, they want the land" says Andrew Taylor, co-founder of juwai.com - a property website visited by 1.5 million Chinese investors each month. He estimates that Chinese investors spent $38 billion to $50 billion buying houses overseas last year. That pushes up prices and cuts out local buyers. For that reason there are growing restrictions all over the world on foreigners buying land, particularly large blocks of productive land. Here are a few more examples...

Australia
Foreigners prohibited from buying existing housing stock

Canada
Alberta - maximum 20 acres
Manitoba - maximum 40 acres
Saskatchewan - maximum 10 acres
Quebec - no sales allowed

South Africa
Brazil
Lithuania
Indonesia

3. How do the Chinese (or any other nationalities) remove the land from NZ?

That's a straw man argument, worthy only of those who cry "xenophobia".

I support foreign investment which helps our country to grow - but selling off the family silver is short-term thinking. As NZ continues it's dive towards third world status, maybe we can take a leaf out of the Cook Islands' book. Foreigners cannot buy any land in Rarotonga. You can lease land for up to 99 years, but it will always remain in Cook Islands hands. I like that approach and believe NZ needs to head in that direction.

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Re: Chinese to buy 24 NZ dairy farms?

Post by digidog » Sat Aug 16, 2014 5:28 am

John Key claimed that only one to two percent of our rural land was in foreign hands. The Herald concludes the figure is actually nearer 10%.

http://www.nzherald.co.nz/nz/news/artic ... d=11309648" onclick="window.open(this.href);return false;

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Re: Chinese to buy 24 NZ dairy farms?

Post by digidog » Sat Aug 16, 2014 7:17 am

An overwhelming majority of Kiwis want the Government to clamp down on the sale of farmland to foreign investors.

The latest Stuff.co.nz/Ipsos poll suggests three-quarters of voters say it should be made harder for foreign investors to buy large tracts of farmland, while just under a quarter say it should not.

http://www.stuff.co.nz/national/politic ... orry-Kiwis" onclick="window.open(this.href);return false;

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Re: Chinese to buy 24 NZ dairy farms?

Post by digidog » Tue Aug 26, 2014 4:41 am

Cast your mind back to March 2010 and the original Crafar farms sale. Two of the principals of Natural Dairy (NZ) Holdings have just been convicted of money laundering in China... $HK230m worth. Wu Wing-Kit was May Wang's lawyer and Ye Fang is the wife of Jack Chen, Wang's business partner. NZ's rejection of their Crafar offer was based on the decision that they were not fit persons. It seems like the OIC got it right for once.

http://www.scmp.com/news/hong-kong/arti ... laundering" onclick="window.open(this.href);return false;

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Re: Chinese to buy 24 NZ dairy farms?

Post by digidog » Mon Nov 17, 2014 8:33 pm

Queenstown's newest hotel has been sold. And the new owners? Why, it's Shanghai Pengxin. Of course.

http://www.odt.co.nz/news/queenstown-la ... lton-owner

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