The Chinese-backed investor trying to buy 20 New Zealand farms largely owned by the Crafar family has protected its deal by pushing the terms of settlement for the purchase of 16 of the farms in receivership out to September 30 this year.

Natural Dairy NZ Holdings told the Hong Kong stock exchange that its advisers needed time to consider the decision by two New Zealand cabinet ministers to refuse overseas investment approval for the farm sales.

Last month, ministers Maurice Williamson and Kate Wilkinson declined consent for Natural Dairy's application because they were not satisfied that all the individuals with control of Natural Dairy were of good character.

New Zealand and Hong Kong advisers to the company would not consider this refusal until the third week of January.

But the company is considering sourcing the milk and manufacturing the finished dairy products in New Zealand for export into the Asia market.

Natural Dairy spokesperson Bill Ralston said, ““I think they will probably have a greater chance of success, which is why they’ve pushed that date out to September.  Otherwise they stand to lose millions in terms of that initial deposit.”