Shanghai Pengxin wants to lift NZ farm assets to $1 billion in next five years

Thu, 19 Feb 2015

By Fiona Rotherham Feb. 19 (BusinessDesk) - The New Zealand farm group arm of the Shanghai Pengxin Group owned by Chinese billionaire Jiang Zhoabai says it plans to double its $500 million of local assets within the next five years. Andy Macleod, chief executive of the Pengxin New Zealand Farm Group, said the group had kept a low profile since its controversial 2012 purchase of the former Crafar Farms for $200 million, which was the largest-ever foreign acquisition of New Zealand land by value. “We’ve wanted to get some runs on the boa...

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