[10 April/Farmers Weekly]

The state-owned farmer trading as Pamu Farms, Landcorp Farming, has chosen a back-up bidder to sell its Jericho Station sheep and beef farm and Fiordland to after the preferred foreign buyer withdrew. They expected the new farmer to complete the transaction in early June according to spokesman, Simon King. A Chinese buyer offered $8.7 million in November when it was put to market in late 2016. Mr King said that they were advised the Chinese purchaser had withdrawn their application from the Overseas Investment Office and were therefore unable to complete the farm purchase. They had finalised the sale and purchase with a New Zealand party who made an unconditional back-up offer. Landcorp is New Zealand biggest corporate farmer, managing 140 properties and have property, plant and equipment valued at $1.29 billion as at June 30.