Hong Kong listed investment company Natural Dairy (NZ) Holdings has not given up hope of buying farmland in New Zealand.

The company announced in a statement to the Hong Kong stock exchange that it has scrapped a planned deal for the central north island farms once owned by the Crafar Family, but is still keen to invest in land elsewhere.

“New Zealand lawyers were of the view that the company was unlikely to succeed in any judicial review or appeal of the decision of the relevant ministers and OIO (Overseas Investment Office), especially if UBFM were to cancel its existing farm agreements with the receivers,” the company said.

“The company will continue to seek and pursue dairy business opportunities in New Zealand either through the target company or other means.”

The company said they held little hope of overturning the Overseas Investment Office’s decision to veto the deal with businesswoman May Wang for the 20 Crafar farms under receivership.

The company will make a further announcement on funds already committed to the deal sometime in the coming weeks.