Fay group's bid 'phantom'- Shanghai Pengxin
Shanghai Pengxin has released a statement slamming what it calls the Sir Michael Fay-led consortium's ‘phantom’, saying it ‘lacks credibility.’
The Chinese company is the conditional purchaser of the 16 Crafar farms and says its bid will bring a variety of economic benefits to New Zealand and that Fay’s group have not done their due diligence.
“They can promise whatever they like, even though they have not done due diligence on the properties, because no-one could hold them to their promises, even if they ever succeed in having an offer for the properties accepted, “ said Pengxin spokesman Cedric Allan.
The injection of more than $200 million of foreign exchange into the economy, $18.7 million upgrading of the farms and a significant increase are all being touted as benefits of its bid by the Shanghai Pengxin group.
Mr Allan said the delivery of all of these benefits could be scrutinised and enforced by the Overseas Investment Office, unlike those promised by the phantom Fay group offer.
“It seems the promised benefits to New Zealand from the ‘phantom bid ‘ for the farms start and stop with farm improvement aspects. If there is a hidden game plan to do anything more, they have not revealed it,” he says.
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Comments and questions63
Bravo. The fightback begins.
Wouldn't it be great to see a character test applied to our most patriotic tax exile?
Can a NZer or NZ company buy land in China ? - I don't think so - perhaps some basic investigative journalism can establish this fact - if NZers can't buy land in China ( I am fairly sure even Chinese can't) then it seems everyone is missing the point re xenophobia on NZ's part!
At least we are aware of Fay's background. Even Chinese associates of mine say they don't trust other Chinese so why are we?
yes, particularly if the outcome also affected the initial granting of the 'knighthood'
The chinese government owns all the land in china. Not even the citizens or corporates are allowed to buy land. They can only lease it.
Please read more books. Your lack of knowledge is clouding your judgement on the matter at hand. Perhaps you fancy the Maori taking the farms for free? Good on ya.
I think you're probably right about that. Even years ago my old mum used to say that they left their fingers on the scales when weighing the fruit & veges.
I think the release is correct. look what our NZers proeminent financial gurus have done with our Finance companies. at least I mentioned in the article, we can enforce the chineses buyers to keep theri part of the agreement. I rather trust them more than the kiwi investors.
Trust Michael Fay?
This is a guy with hundreds of millions of dollars but his daughter still obtained $70,000 of taxpayers' money (grant) for her music career progression!
Tells you how tight his a r s e is.
The whole process is fast becoming a circus play in front of the whole world. NZ is in the danger of shooting itself in the foot if hasn't already done so. completely unnecessary...
This reminds me of the Whirling Bros Circus, a lot of passing the hoops, NZ you have a lot to learn ,or to lose.
Keep on borrowing to pay for the groceries and the Maori claims, NZ.
Soon you will be like Greece, but accelerated when China pulls the plug on NZ exports to China.
Then, watch your assets become very very cheep (cheep). Like baby birds, you will be cheeping for your assets to be sold so you can be fed or put out of your misery.
thats all very well dragon, but what will they feed their kids if they pull the plug on NZ exports?
Melamine??
And Sir Michael Fay (NZ's big white knight) will still be well fed and laughing his head off in his tax-haven Switzerland.
Enjoy!
Go to a Chinese supermarket, R Sole, and see baby formula from Australia, Japan (yes, Japan), US, Austria, Switzerland, Singapore, Holland, England - the list goes on and on.
NZ is but a small supplier of exported baby formula into China.
Live in a small country, think like a small person - that's New Zealanders.
Why would we want to buy land in China anyway? For what economic reason? Fonterra is leasing some farms in China for trial milk production, good on them and why must they have to purchasing rights. Waste of capital I say.
Hey Dragon, you're starting to sound just a wee bit tetchy....
No sweat, matey.
All fair dinkum in love and war.
We Asians are sympathetic to how the West is becoming white trash. We wish NZ well but NZ does not help itself by borrowing on the one hand, and then trying to bite the hand that feeds it on the other!
The so called benefit of injecting $200 million into NZ is a flat out lie. Overseas banks hold the mortgage anyway...
This is but one lie. How many more are they telling us?
What this country needs is something to discourage the banks from increasing their debt to equity ratio. This is way higher than it should be, and it is slowly strangling the country to death.
The government needs to regulate a maximum equity to debt ratio on lenders relative to the asset class security and income produced.
This is part of the solution to NZ's problem, not selling more assets to overseas interests. What do you think the chances of this happen? Fat chance I reckon with Jonkey in charge!!
$200m is a transfer of wealth from one country to NZ and free up capital/funds to on lend to other farmers and businesses.
So typical of the spineless attitude of NZ borrowers - okay to borrow but blame everyone else when the borrower defaults.
Why should overseas lenders take a haircut when there are higher offers available?
The money lent had after all being used to pay some other New Zealander for the farms as well as improve the farms (thus, boosting other NZers' incomes).
Dragon is absolutely right NZ is largely irrelevant to China's food supply. Even in dairying their industry is already 4 - 5 times the size of NZ and they have plans in major regions to double production in the next 5 years.
Not sure of the numbers but it would not surprise me if China becomes an exporter of dairy products in the next 10 - 15 years. Despite internal growth of 10% pa.
Yes there are quality concerns, but like Japan post world war 2 I believe the Chinese will fix this issue.
he's jewish so what do you expect?
If that's how you view NZ and it's people, Why are you here?
Haven't you got the money for an air ticket? Or, are you "otherwise restrained"? or, won't the authorities give you back your passport? Or is it because China doesn't have an easy touch like WINZ for your convenience?
What is it?
I think we should be told?
Simple, matey.
NZ is a fantastic place to make money - just do the opposite of what Kiwis do. Sell when they buy, and buy when they sell. Easy as.
Consider yourselves lucky I am prepared to tell you the errors of your ways. Only a true friend will do that.
Or do you prefer the truth as articulated by some of your rugby greats on TV? As in Colin Meads promoting a certain finance company as "Solid As" days before it went under?
Maybe you prefer the likes of Mark Hotchin, Rod Petrocevic, Eric Watson, Matthew Ridge, Michael Fay, Jamie Peters, Andrew Kruzeiner etc - true blue kiwis - telling you about how to live your lives?
Even whilst they enjoy the high lives while they laugh into your faces?
Much much better than having a Government that deliberately murder their youth for the crime of peacefully protesting.
Would you like me to go on? Or aren't you welcome back in China?
Capitalist or communist the world is kill or be killed. No matter the race. Everyone at the top or on the way to the top has to screw someone. Sell it to them - give it 100 years and our kids kids can claim it back... its a mute argument - if they called in all the loans from the west they'd own it anyway. We are far better to just roll over to them like we have the USA for the last 70 years... how did that go for us...
The most honest poster so far is Dragon; NZ is part of the real world whether we like it or not...
And what do you call the infant bashing and deaths in NZ? Those dead infants sure know how to protest, don't they?
Oh well, to each their own - just keep borrowing, matey. Soon you will be surrendering your farms and houses to pay for milk and food from China.
Are you saying that no babes are bashed in China? Only poisoned?
I am assuming your definition of "dragon honesty" is a measure of yours and his intellect and morality!
Or lack thereof!
Poor John.
Nothing of substance to come back with after saying that he prefers the likes of Mark Hotchin, Michael Fay, Eric Watson, Rod Petrocevic etc and have them laugh in his face!
Good one, matey!
BTW, dearest John,
Mark Hotchin and Rod Petrocevic send you there best regards and thank you for your preference.
They wish that there are more like you. NZ would be a much better place (for them, that is!).
And I suppose this is all just filthy capitalist propaganda?
http://news.bbc.co.uk/2/hi/asia-pacific/1506469.stm
Another mark of dragons (dis)"honesty"!
Where have I ever said, implied, or posted, "prefers the likes of Mark Hotchin, Michael Fay, Eric Watson, Rod Petrocevic etc"
Trying to hide your tracks now, matey?
Question : "Maybe you prefer the likes of Mark Hotchin, Rod Petrocevic, Eric Watson, Matthew Ridge, Michael Fay, Jamie Peters, Andrew Kruzeiner etc - true blue kiwis - telling you about how to live your lives? Even whilst they enjoy the high lives while they laugh into your faces?"
Answer from one John Morrison : "Much much better than having a Government that deliberately murder their youth for the crime of peacefully protesting."
Key words are - MUCH MUCH BETTER.
As for a Government that deliberately murder their youth - I assume you are referring to Syria?
The peeps you mention have never told me how to run my life.
This is NZ not China DOH
Syria!!!! I presume you have conveniently forgotten about Tienanmen Square! Communists do have very selective memories. This might help you.
http://www.youtube.com/watch?v=TDKVEprC948&feature=related
Please return to whatever communist hell hole you crawled out of.
You are tarnishing the good image of chinese in this country. We dont need you and your fascist views here.
Fear not, the good image of our wonderful Chinese citizens is too strong to be tarnished by such dribble.
I have said before and I'll say again, race and/or colour does not make an idiot.
Nature has given every Nations its own fair share of idiots. There are no exceptions.
You have a great day sir.
Go for it Cedric.
Good name of Chinese?
Really?
What have you done to uphold the good name of the Chinese?
Been a good banana and absorb all the racist views and abuse?
Trying to cover your tracks with distractions now, are you, Mr Morrison?
By trying to steer the discussion into other directions?
Mark Hotchin and Rod Petrocevic would be proud of you.
Taiwanese are the biggest investors in China.
So Taiwan is happy to embrace communism?
DUH
It was you who bought up bashed babes. Not I.
It was you who bought up all those names you seem to want to denigrate at every opportunity. Not I.
It is you who, with your every "posting", is proving NZ immigration laws are far to lax.
A simple IQ test should be added as it would weed out the undesirables that are sneaking through on the pretence of wanting an education...
I think Mr Morrison has just committed the classic 'cut one's nose to spite one's face'? I have just forwarded the thread to Rod as he will appreciate the humor in his time of trial!
Repeated for your benefit - for the low IQ one who needs to go back to school for comprehension lessons :
Question : "Maybe you prefer the likes of Mark Hotchin, Rod Petrocevic, Eric Watson, Matthew Ridge, Michael Fay, Jamie Peters, Andrew Kruzeiner etc - true blue kiwis - telling you about how to live your lives? Even whilst they enjoy the high lives while they laugh into your faces?"
Answer from one John Morrison : "Much much better than having a Government that deliberately murder their youth for the crime of peacefully protesting."
Key words are - MUCH MUCH BETTER.
And I repeat.
"Much much better than having a Government that deliberately murder their youth for the crime of peacefully protesting."
Your question, "Maybe you prefer ......".
You were asking what I'd PREFER!!
Just what part of that don't you understand?
Please tell us you were not educated in NZ.
I grow tired of this nonsense, best I just repeat "Prod of Taiwan" and go.
Please return to whatever communist hell hole you crawled out of.
You are tarnishing the good image of chinese in this country. We dont need you and your fascist views here.
No need to get racial here, matey.
I don't represent the Chinese in NZ just as I am sure you do not represent New Zealand.
God help NZ if you are typical of New Zealanders! Someone who actually believes in tooth fairies!
If the truth hurts, let me know and I will go gentle.
Fair enough?
you tell 'em cedric - the account must be fair bulging with renminbi by now....
Please wake up, we are in the era when Facebook is worth 200 billion without own any land, water, fish, log etc..
You probably don't know China too much, Chinese dairy companies already provide fresh milk for the whole nation with 1.2 billion people, yogurt also is made by local and tastes as good as NZ made. Cheese, butter are never big in China because they are missing in the Chinese cooking or diet. It is Melamine that makes baby formula becomes a high demand in China. Dragon is right, you can see baby formula from so many countries but New Zealand, I really don't know what Fonterra is doing? NZ farmers are totally rely on Fonterra by selling raw milk to it. China is not going wait NZ, the market will be filled up by local supplier and foreign suppliers. If Fonterra can't grab the opptunity, it will be lost forever when Chinese dairy companies rebuild their reputation with tighter regulations and improvement.
Business model is important in these days, that's why Fasebook's market value is similar to NZ's GDP without owning any natural resources. we can't just sell raw material. Working with Chinese investment, trying, learning and experiencing some new business models, put all eggs in a basket (Fonterra ) is dangerous. I am not saying we have to sell farms to Chinese, but a very small percentage of farms can't be any threat to NZ's economy, but it could open people's mind which is more significant.
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