Two timber processors from Asia separately purchased land in Marlborough, New Zealand, totaling more than 4,000 hectares, in August-September, aiming to secure log supplies, say sources
Audrey Dixon
LOS ANGELES
,
November 12, 2012
(Industry Intelligence Inc.)
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More than 4,000 hectares (9,884 acres) of land was purchased in Marlborough, New Zealand, in August and September in separate transactions by two Asian timber processors, according to sources, reported The Marlborough Express on Nov. 11.
Asian companies with links to processing plants have been eager to buy land with mature trees in order to secure log supplies, said Bayleys agent Glenn Dick, noting that the interest has been “relatively strong” for large tracts.
South Korean-based SCFNZ Ltd. bought 2,894.88 hectares of forest at Northbank, near Blenheim in August, and Timbergrow Ltd. of Malaysia in September bought nearly 1,330.99 hectares of land in Waihopai to plant trees, The Marlborough Express reported.
The information was released by the Overseas Investment Office (OIO), a New Zealand government agency that oversees land sales to foreigners. The OIO approved the two transactions. The price paid was not disclosed for either sale.
Timbergrow will export half of the wood grown at the Waihopai site as logs and the remainder will be processed at Nelson Pine Industries Ltd.’s laminated veneer mill, said Timbergrow attorney Deirdre Norris, reported The Marlborough Express.
Timbergrow, which is owned by the Malaysia-based Tiong Family and is related to the family’s softwood plantation company Earnslaw One Ltd. in New Zealand, owns other forestry land in Marlborough, said Norris.
SCFNZ, which is wholly-owned by South Korea-based Sunchang Corp., makes plywood, fiberboard and lumber for commercial and industrial applications, according to information from the OIO, The Marlborough Express reported.
The primary source of this article is The Marlborough Express, Marlborough, New Zealand, on Nov. 11, 2012.
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