United States interests were the biggest foreign investors in New Zealand dairy land in 2013 and 2014, followed by China, according to a report by KPMG.
The consultancy's analysis of foreign direct investment decisions by the Overseas Investment Office showed the US accounted for 54.4 per cent of the freeholdhectares sold over the two-year period, followed by China with 11.7 per cent and Sweden with 5.9 per cent.
By value, the breakdown was 26.5 per cent for the US, 21.3 per cent for China and 10.8 per cent for Britain.
Justin Ensor, KPMG deal advisory partner, said the report highlighted a misconception about overseas investment in New Zealand's dairy farms.
"There is a widespread perception that it's a thin market - comprised of Chinese and Hong Kong investors - who are buying New Zealand dairy land," Ensor said.
China accounted for only one of the 24 transactions for dairy land approved by the office - Synlait Farms - which accounted for 12 per cent of total hectares sold, and 21.3 per cent of the amount paid.
The amount paid during the period was about $297 million.
