Only a handful of property and business deals involving overseas investors went through the system in January.
The Government's Overseas Investment Office handled only five such deals, well down on the 13 in December.
The biggest was the $245 million sale of Burns Philp's New Zealand Bluebird snackbusiness to PepsiCo NZ, which is 100 per cent owned by Pepsico Inc in the United States.
Australia's International Specialty Aggregates gained approval to buy Southland Sand and Gravel, which owns 368ha of land in Invercargill, for $7,875,000.
The OIO said the buyer's main activities were the supply and export of specialty aggregates, pebbles, sand and gravel.
Japanese timber giant Juken NZ was allowed to buy 19.4ha of Gisborne land for $2.4 million. The block was next to Juken's wood-processing mill, the OIO said, and would enable the Japanese to expand the business.
Australian-owned wine importer and distributor Negociants NZ was allowed to buy specialist pinot noir vineyard Mandeville Moth in Marlborough for $1.2 million.
But American Andrew Smith's application to buy 13.9ha of Raglan land for a health spa and conference centre was rejected.
The land had an area of native bush subject to a conservation covenant and a pine plantation, the OIO said in its decision.
Smith wanted to build 12 two-bedroom units, a restaurant and spa.
But the OIO said the application did not meet the terms of the Overseas Investment Act 2005, and the office was not satisfied the proposal would result in benefits.
