BusinessDesk: "At 1 percent [foreign ownership of farmland], I don’t think we have a substantial issue": PM Key

Posted in Rural News January 25, 2012 - 06:32pm, BusinessDesk

Prime Minister John Key hasn’t seen anything to make him question the Overseas Investment Office, which is facing a potential judicial review over its processing of an application by a Chinese investor to buy local farms.

China’s Shanghai Pengxin has until the end of the month to get OIO approval to buy the Crafar family farms before receiver for the farms KordaMentha can turn down its offer, in a process that has attracted intense scrutiny and faces a judicial review from a rival bidder.

The office’s transparency has been questioned by investment banker Michael Fay, who’s part of the rival consortium, but the Prime Minister hasn’t seen anything to question the OIO.

“Any decisions I’ve seen them make I’ve had no reason to question them so far,” Key told reporters at a post-Cabinet press conference.

Cabinet today briefly discussed the OIO’s recommendation on whether Pengxin should be cleared to buy the Crafar family farms, and Land Information Minister Maurice Williamson and Associate Finance Jonathan Coleman will have the final say on whether to approve the deal, Key said.

“If they’re going to meet the 31 January timeline, they’ll need to make their decision soon, and they’ll publicly communicate that,” he said.

The Crafar Farms Purchase Group yesterday filed papers in the High Court in Wellington in an effort to block Pengxin’s bid, and a hearing is understood to be scheduled for tomorrow.

The Fay-led consortium, including Tiroa E and Te Hape B Trusts, Tauhara Hapu Trusts, Aitchison Farms, WD Holmes 2000 Trust, Donovan Group and Brent Cook launched a rival $171.5 million offer in September, believed to be some $30 million below Pengxin’s bid.

12 Comments

by PSE | 25 Jan 12, 7:46pm

At pay review time 5% of

At pay review time 5% of stuff all is stuff all.
1% of NZ farmland is already however a 'substantial' acreage, and the issue will only grow.
Despite John's 'free trade agreement', I don't believe NZers would be allowed to buy such large tracts of land in China. No doubt John's intention is to ensure that present farmers can maximise their proftis by selling out and that young farmers are forever shackled into debt "money" created by foreign banks - again making the rich richer..
Mr Key is at best twisting the facts again and at worst is a lying thieving scumbag.
In four years time we can vote for a new figurehead from either the red or blue party.. Apparently this is 'democracy'..

by NeilD | 25 Jan 12, 8:05pm

...Actually it's Helen's

...Actually it's Helen's 'free trade agreement'.

by Bobbob | 25 Jan 12, 9:06pm

And the band played

And the band played on...

and before that Piggy Mulddon etc they are all corrupt. I doubt Altruism is in John Key's dictionary, it really doesn't matter what self serving prick is in charge. Just bend over and lube up.

by Wolly | 26 Jan 12, 5:44am

"I don’t think we have a

"I don’t think we have a substantial issue": John Key
"The head of Local Government New Zealand believes huge pay rises for some of our council chief executives are justified.
Reports of the latest bumper payrise for a council executive has led to calls for the Government to clamp down on excessive public sector salaries.
One politician has described getting a top council job like winning the lottery for some people."
http://tvnz.co.nz/national-news/local-govt-head-believes-huge-pay-rises-justified-4702270
John Key and this govt will not do a bloody thing to bring this lottery to an end. Your taxes go to fill this trough that so few wallow in and your rates go to fill the other pig trough the local council bosses wallow in.
The public sector salary blowout pigfest has become a festering cancer inside this govt and most councils.

by Sore-loser | 26 Jan 12, 7:55am

The simple thing is that some

The simple thing is that some people will do almost anything for munny.
Even borrow their VOTERS into debt for their own pecuniary advantage as fast as they can suck up the residuals into their own coffers.
Tis a free trade option.
If ya friends can skim orf a few hundred million as part of the deal.....who cares whose coffers the Taxpayer has to cough up.....into.
So why not get more dosh from selling your assets to anyone with a YEN....or whatever.
YAUWN....YORN, YUAN....YAWN....but mostly yorn.
But precisely why the the EIO...or is dat EI-OWE.....or is that OIO.....will let anyone shon-key buy into this country. Well ask a certain DOT.COM person, a certain WANG doodle, a certain Passport fraudster, a certain AIDs sufferer, a certain Comedian, a certain super star. A certain rock star....I am not o-fey with all the names....but sum are big at this ...this lurk.
Cos they will do anything for munny....and that is certain.
But....Why would you want and encourage a crook to come to your AID.
Cos the AID is needed to keep the PORK-BARREL full.
But precisely why a totalitarian regime with unethical and predatory thinking is encouraged to take over your own country.??.........GOD.....or someother acronym......knows.
The KEY is unlocking the letters. ....and the letters abound in Govt. and Banking circles.
But they always did prior....UN-til they left...for greener pastures.
FREE TRADE....will never makes us all free.
(A United Nations will never unite the populous, just allow crime to take a different course....couldn't fix a problem to save their lives....and they DON't.)
But it will make sum people ...rich....at any price for the TAXPAYERS to pick-up....the pieces....and I think it was 30 pieces of SILVER....with inflation about 100billion a year.......and counting for NZ......alone.
Precisely why we need so many POLL-LIES and CIVIL-SERPANTS and BWANKSTERS to help take our munny, I am not so sure....but the gravy train is STEALING the A.G.E.D.S funds too, so they have no issues with crime, just the scale....cos it is now in the PUBLIC DOMAIN as a RIGHT....., so they will steal even from their own parents....unless insider trading is used, but that would be illeagal....
A bit like a DOT.COM......
Patently obvious.
Inflated egos....and inflated means....means someone got rich....just watch the hands....sleight of hand and fleet as a pick-pockets fingers....it figures....simple as....123...abc..E.U.R.O...UK...USA...FX....simple percentages.
With electronic borders....ASSET RICH....cash...poor....and it will be...the POOR TAXPAYER...and the customer who suffers.
Never the servants ....who bend the FINANCE rules...........to SUIT....world-wide.
As is their RIGHT....of course........the kick-back is obvious, so kick-back and enjoy it....Ya like being screwed NO-ZEAL-and.
Learn to LIKE it.....the rest of the world did.....until it became revolting....too much.
So they revolted....little good it did em....just more of the SAME.....ho-hum.
So lay-off the layabouts.....work is a dirty word......unless it is working the system.
NATURALLY...comes to SUM.
Seems the way of the world.
See the crime is not protesting about it.....(Ya get locked up for that).
It is about UPSETTING...the APPLE CART.
Ya must not point out the obvious.
Theft as a SERVANT....a right...
Yeah...right.
SHEEP.....like lambs to the slaughter.
But nobody listens.....the IPAD is on....The I-PHONE is enabled, but the brain is dead.
ASSAULT ....but no battery.
Whether from CHINA.....or not.
FREE TRADE.....my arse.

by kin | 26 Jan 12, 9:23am

Ha Ha Ha, Everybody goes

Ha Ha Ha, Everybody goes bonkers whenever a "foreigner" (ie A Chinese) face appears with a sackfull of cash...."OWR COUNTRY IS BEING INVADED"..."YELLOW MENANCE" etc etc.
Get a life Kiwis !! You are in deep dodo with debt and don't even think you can climb out of it without foreign cash...at least he is buying your stuff..(even if its only land)..better than them calling in the IMF and turn you into Greece to repay your debts !!!
I am amazed how fast Kiwis turn red at the neck everytime a yellow comes around !!

by Kunst | 26 Jan 12, 9:34am

kin - good to have an "orange

kin - good to have an "orange view"
http://www.youtube.com/watch?v=ZpKzTdMSaJs&feature=related
...wow - did you see what happened with the Kiwis with a cheap blender imported from China ?

by ngakonui gold | 26 Jan 12, 10:05am

Kiwis don't like the asians

Kiwis don't like the asians because they are different.
THEY STUDY HARD
THEY DON'T PLAY RUGBY
AND THEY DON'T GO AROUND IN GANG WALKING THE STREETS AND INTIMADATING
EVERYBODY.

by Bobbob | 26 Jan 12, 10:31am

quote: "AND THEY DON'T GO

quote: "AND THEY DON'T GO AROUND IN GANG WALKING THE STREETS AND INTIMADATING EVERYBODY." Not heard of the Triads then?

by Casual Observer | 26 Jan 12, 10:44am

Agree Asians kids study hard

Agree Asians kids study hard - they have immense pressure put on them to do so.
I have seen some great 7s rugby from Asian teams.
Ask some of the newer Asian immigrants if they are intimidated by their own, at times.
Know a kid who was raised in a city with a high Maori population, went to Chch to study a few years ago. They found Asians more intimidating walking down the street than Maoris in their home city. Give me Maoris any day, was their comment. Their view was formed by Asian students walking several abreast down the street and none of them moving over to let you through. Being a young female they found this intimidating, as it was a regular occuring event anytime they went up town
Having lived in Asia for a time, I understand how these 'attitudes' are formed - the mass of people doesn't always leave an opportunity for manners, when queueing, walking down the street etc.
Asian culture is different. For many kiwis it is the differences that they don't like and therefore judge them on. There's good and bad in every culture. I believe it is the lack of freedoms in Asia that NZers fear will end up here, that forms their attitudes to new Asians and new Asians doing business here.

by ngakonui gold | 26 Jan 12, 10:44am

The triads are mainly a

The triads are mainly a menace to their own people.
NZgangs don't care who they intimidate

by Sore-loser | 26 Jan 12, 8:03pm

Colour is not the

Colour is not the problem.
There are many fine nationalities escaping the BOOT of oppression, but the boot will be on the other foot if the Communists BUY up No-zeal-and...and bring their jack-boots here....even if we buy em in part-exchange.
Think of Tibet.......think benevolence....think....not.
Dealing with a Communist Regime with intent to expand and FEED their own ONE (Male preferably, females are often terminated)....child, at the expense of our heritage is tantamount to suicide.
Little steps, big problem. Wang step at a time.one problem multiplied.
Because the local powder in CHINA is polluted as is many of their cities and rivers, it bodes well to keep the Financial control HERE, not give away the Turkey to fatten for someone elses Chinese Christmas cracker to find in future that the Additives are mandatory to bulk out the Fat of the deal.
And BUY the way...they will use their own infrastructure and logistics, so no FINANCIAL GAIN....locally as presently....at least sum towns gain from the work spread around......WHEY more than they will do.....under foreign control.
AS POLLUTION IS A MAJOR PROBLEM IN CHINA, WHAT DO YOU THINK THEY WILL IMPORT HERE TO COUNTER BALANCE THE EQUATION. Pure drinking water???.
"BEST PRACTICE"....best get used to best....not....
If you think it is bad now....then just wait a few years as the penny drops or the yuan weakens and the masters DICTATE.
People are aware that FONT-ERROR gets away with plenty here, including rorting and milking the NZ customer as much as they can screw and SOME of OUR Farmers currently pollute our waterways as part of the drive to keep afloat...in clean, green pristine No-zeal-and..
So what do you THINK a benevolent CHINESE DICTATOR will expect from the LOCALS and provide for the locals....pure drinking water.??....or more effluent...to keep affluent.
Having worked alongside the Chinese, it is fair to say they have one goal in mind....and they do not MIND about you, nor the environment, nor their Gwaylo compatriots or so-called partners.
They will steal your watch and copy it and sell it back to you.....
Never mind a DOT.COM....nothing beats a .....cheap Copy-....RIGHT....
There is no such animal as COPYWRITE..........in China thinking....
They think we are all MUGS...and not made of CHINA....so fair game.

gwaylo

4 up, 1 down

(pronounced GWY-lo, the Y being a long I) Cantonese- "White ghost" In Hong Kong, "Westerners", namely British and consequent Anglo offspring, are referred to with this word. It could be considered derogatory by those referred to if whites were sensitive to such terms, but our presumed superiority supported by the actions of these former subjects softens this to an acceptable term. Be careful using this word in front of HK Chinese for they are easily shamed and will be offended. Sort of like African-Americans using the word "nigger" in front of whites.

You buy watch? I have nice Rorex for you! Howbout custom made suit? No? (leaving him behind you you hear mumbling "#%^ gwaylo!)

Smile and Wave may think he has the upper hand, waving fatuously, with his Chinese Cohorts.
But never underestimate the face being put on....to save face and/or delude. (and which one I hear you trill)
One foot in the door, one foot in the GRAVE may be next step....and probably at your...expense....TAXPAYERS......
The local Borrowings of many billions this year would have paid for all these FARMS, etc.... time and time again, but gotta keep a MARRYATT and the other Public Servant hordes in THEIR entitlements, not FARMS in New Zealanders hands...and industry under OUR CONTROL..
Mr BORROW YOUR WAY TO SUCCESS.....may have bitten off more than he can stomach.,,,it certainly is more than flatulence than I think we need.
Wouldn't 50million on an underused cycleway, have been a better deposit on a CRAFAR ENTERPRISE.....eh CAPTAIN.......might have got a fair return....over the years.
Multiply that by the other billions wasted and maybe you see what I MEAN.
No amount of SOE's can keep up with flood???.
The TITANIC and the ITALIAN JOBBIE both enjoyed an infallible Captain at the helm....and enjoyed a wave past as was their wont.
Now they are both underwater....and at this rate, so will we......and it may be heavily polluted buy the time he loses.....CONTROL.,,,of our BILLIONS.
When you invest in something, a return on CAPITAL is what is needed....not a pathway to oblivion, or will we all be riding Chinese Bikes there as part of the tri-PARTY deal.
So stop shifting the deckchairs on the TITANIC and make some serious SAVINGS AND INVESTMENTS......not that a BWANKER Nor a current ECONO-MISSED would understand...
WORK is a four letter WORD...and a saving is something you steal from the unwary...and an investment is something to POCKET from the investor.
Alll Change...no CHANGE....

Ps....talking of flatulence.....didn't some same old fart lose a lot of Ratepayers munny in Hamilton at the races, before coming to Christchurch to recoup his losses....at CHRISTCHURCHES .........own .......behest....

Almost laughable, if it were not so serious.
Read the RESUMES....or history repeats....again and again and again......ARMY, COUNCIL. IMMIGRATION......
WASTE NOT...WANT NOT........I know it is a strange MANTRA....for SUM.
In this case Councillors....need counselling......but it is way too late for that...too....mayors the pity....and the RATES ARE EXHORBITANT.....but...not for SUM.
I know I repeat myself....but the problems are the same. Buying and Selling a problem to COMPOUND a problem, just gets for more of the SAME....only MULTIPLIED.
No small wonder the World is corrupted by excessive greed and stupidity.
Same people same problems, digging deeper.....and guess who will pay...when the fans hit the shit and the farts are out of CON-TROL..
I will let you fill in the blanks.......

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