Shanghai Pengxin mounts legal challenge to government's rejection of Lochinver purchase

Wed, 14 Oct 2015

By Jonathan Underhill Oct. 15 (BusinessDesk) - Shanghai Pengxin says it will seek a judicial review of the government's decision to decline its $88 million purchase of Lochinver Station amid signs the investment group's strategy in New Zealand is being thwarted by a new hardline approach to foreign land purchases. Terry Lee, a director of Pengxin subsidiary Milk New Zealand, said the Chinese company's Pure 100 Farm unit which was to have made the purchase, was seeking "clarity on the ‘counterfactual’ to be used when assessing sales of non...

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