Chinese billionaire Jiang Zhaobai, insert, is the new owner of the Hilton Hotel in Queenstown. Photo / NZME.
A Chinese billionaire behind the controversial buy-up of the Crafar dairy farms and Lochinver Station says New Zealanders have nothing to fear from his investments in the country.
Speaking to the Otago Daily Times at a function in Queenstown yesterday, Shanghai Pengxin Group chairman Jiang Zhaobai said buying land was
not his primary purpose, but only a means of producing high quality agricultural goods for export to China.
His companies would invest much more in improving the land than buying the land.
"Because of that investment, we can promote the agriculture industry, and bring more benefits to the farmers here."
As well as buying the dairy farms and Lochinver Station, near Taupo, Shanghai Pengxin is the majority owner of dairy farm-owning company Synlait Farms. Another of Mr Jiang's companies is behind a $550 million redevelopment plan for Gulf Harbour on the Whangaparaoa Peninsula.
