Foreign buyers not needed, Peters says

The sale of 10 Northland farms to a New Zealand buyer shows foreign buyers are not needed, Winston Peters says.

The group of Mangakahia dairy farms owned by Merv and Cara Pinny have sold to the Spencer family, for a price thought to be about $40 million.

The Chinese company that had offered $42 million for the farms pulled out last October after delays in getting approval from the Overseas Investment Office.

A Spencer family company also bought Taupo's Lochinver Station last year, after Chinese buyers failed to gain approval.

Mr Peters says the sale showed there was still money and interest in farming in New Zealand.

It was pleasing to see New Zealanders beat off competition from overseas interests, he said.

The Pinny farms as one unit are Northland's largest milk producer and employ about 50 staff.