Crafar farms close to sale

The receivers of the Crafar farming empire say they have signed a conditional sale agreement with the Chinese-backed company looking to buy the 16 farms.

However, the sale could be gazumped by the Overseas Investment Office (OIO) or a better offer from another party.

May Wang, a director of UBNZ Assets Holdings (UBNZ), is fronting Chinese investors looking to create a major dairy export business and buy farms here.

The 16 North Island farms owned by brothers Alan and Frank Crafar have been in receivership since October, when debts topped $200m.

Receivers Michael Stiassny and Brendon Gibson said the UBNZ agreements were conditional on OIO approval and they were structured in such a way that a better offer could over take the UBNZ's bid.

The real estate company selling the property was still working hard to market it both here and overseas. Tenders close on June 23.

"We have received significant interest from a number of well qualified parties to date," the receivers said.

- NZPA