Huge buyer interest for Crafar farms - report

The receivership sale of 16 Crafar-owned farms, reputed to be worth about $100 million, is attracting huge buyer interest in Asia.

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

Real estate firm Bayleys has been appointed by receivers KordaMentha to sell the farms, ranging from 128ha to 1750ha in size.

The portfolio has generated so much interest in China, Singapore, and Hong Kong, that Bayleys principal David Bayley and managing director Mike Bayley are flying out this week to hold talks with potential buyers, the Sunday Star Times reported.

Any deal would be subject to approval from the Overseas Investment Office.

Bayleys would not discuss the deal.

Meanwhile, Alan Crafar remains on his property in Reporoa, near Taupo, despite being several weeks past the receiver's deadline to move out.

Receiver Michael Stiassney said court action was under way but it was likely to be "weeks" before Crafar could be evicted.

- NZPA