Chinese company keen on additional NZ forestsFriday 3 May 2013 As reported last week, the New Zealand Superannuation Fund announced last week that they had sold the bulk of 11 forestry blocks in the North Island to China National Forest Products Trading Corp for an undisclosed sum, with the remaining going to local investors.The forestry estate comprises some 13,600 hectares of which around 10,400 are productive. The two largest blocks are Rototuna Forest on the Kaipara Habour’s Kauri Coast and Coroglen on the Coromandel Peninsula. Smaller blocks are located around Raglan; Rotorua; Waimata, Gisborne and Wainuioru in the Wairarapa. China Forestry Group New Zealand, a subsidiary of state-owned China Forest Group Corp, is reported to be keen on purchasing more local forests after buying the forestry blocks from the New Zealand Superannuation Fund. The North Island forest estates are the first step in the Chinese company's strategy to invest in the local industry and look at other opportunities, it said in a statement. "China Forestry Group NZ will establish a permanent base in New Zealand in order to manage the newly acquired forest estate," Lin said. China Forestry Group NZ director Graeme Wong said it sees the acquisition as a long term investment to retain continuity of supply. China Forestry Group NZ have appointed two New Zealanders as directors; professional company director Graeme Wong and Mark Chennells, who has been involved in the investment industry in New Zealand and China for over 25 years. |
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