Yashili International Holdings has received the go-ahead to invest CNY1.1bn (US$176.7m) to establish a dairy processing facility in New Zealand.
The company’s plans, announced in January, have received approval from the NZ Overseas Investment office, Yashili said in a regulatory filing. The company now has around 36 months to establish the facility, which will be operated via its recently established subsidiary, Yashili New Zealand. It will have a capacity of 52,000 tonnes.
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The move is another example of growing Chinese interest in New Zealand’s dairy industry.
Late last year, Inner Mongolia Yili Industrial Group announced a deal to buy New Zealand’s Oceania Dairy Group, while, in 2010, China’s Bright Food Group bought a majority stake in New Zealand milk processor Synlait for US$60m.
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