Pengxin not over Lochinver

The Lochinver Station, in the Taupo region.

China's Shanghai Pengxin hasn't completely given up hope of buying Lochinver Station, despite the Central North Island property having been sold to another company.

In September government ministers declined an application by Pengxin subsidiary Pure 100 Farm to buy the 13,843ha sheep and beef station near Taupo, saying the benefits to New Zealand were not substantial and identifiable.

The property's owner, Stevenson Group, has since sold Lochinver to Rimanui Farms - an investment vehicle of the wealthy Spencer family - reportedly for a figure close to the Chinese firm's $88 million offer.

However, Pengxin director Terry Lee told yesterday's China Business Summit that the company had made a "back-up" offer for the station.

This could allow the company to have "first chance" at renegotiating the deal with Stevenson Group should the sale to Rimanui Farms fall over, he said.

Pengxin has criticised the 15-month wait it faced in getting Overseas Investment Office approval to purchase Lochinver. The approval was later vetoed by the Government.

The Chinese firm is seeking a judicial review of the ministers' move to overturn the OIO's decision.

Lee said foreign investors needed "clarity, consistency and speed" from the OIO process, which was much slower than its Australian equivalent.