Sale of Crafar Farms to Pengxin to be wrapped up next week

Sale of Crafar Farms to Pengxin to be wrapped up next week

The New Zealand Government is expected to announce on Friday that Land Information Minister Maurice Williamson and Associate Finance Minister Jonathan Coleman have approved the sale of the Crafar Farms to Milk New Zealand Holding Limited, a wholly owned subsidiary of Shanghai Pengxin Group Co. Limited.

The sale is then expected to go unconditional by the end of next week.

That’s the current reading of the situation by the 6,500 registered traders on New Zealand’s online predictions market, iPredict, who believe there is a 66% probability the ministers’ decision will be announced on Friday 20 April, a 74% probability the decision will allow the Chinese owners to achieve fee simple title over the properties and a 55% probability the sale will go unconditional by Saturday 28 April.

The Crafar Farms are 16 properties in the Hawke’s Bay and Taupo regions in the North Island of New Zealand. They have a total area of approximately 10,000 hectares, the same size as 167 18-hole golf courses, 20 Millbrook Resorts or all of Hamilton. The farms were placed into receivership in 2009, and KordaMentha is managing the receivership.

The iPredict contracts on the farms are at https://www.ipredict.co.nz/app.php?do=browse&cat=694. They can be traded by any of iPredict’s 6,500 registered traders plus anyone else who signs up for free at https://www.ipredict.co.nz/app.php?do=register.

iPredict is owned by Victoria University of Wellington.

ENDS

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