Canada-based mining giant's Barrick Gold human rights and environmental record cited.

All four firms are also involved in the government's partial privatisation programme.

The North Island forest estates are the first step in the company's strategy to invest in the local industry.

A subsidiary of state-owned China Forestry Group Corp has bought the majority of the portfolio | Cullen Fund value tops $22 billion

The shares were sold overnight to institutions at $2.76 apiece, below yesterday's close of $2.94, which was the highest since November 2007.

The fund finishes the year at a record value of $20.92 billion, up from $17.73 billion at the end of 2011, of which $3.49 billion is invested in New Zealand assets.