Asians buy NZ forestry land16 November 2012
More than 4,000ha of land in Marlborough in New Zealand’s South Island has been sold to Asian timber processors in the past two months.
According to the Overseas Investment Office, which covers the sale of land to foreigners, South Korean company Sunchang Corp bought nearly 2,900ha of forestry land and Malaysian-owned Timbergrow Ltd purchased nearly 1,400ha. The latter already owns forestry land in the region.
A local estate agent said there had been a lot of interest from offshore companies looking to secure log supply.