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News
Marlborough vineyards sold to Chinese
More than 300 hectares of vineyards in Marlborough have been sold to a Chinese company.
The New Zealand Overseas Investment Office (OIO), recently approved the sale of 336ha from Otuwhero Estates, Otuwhero Estate Wines, Otuwhero Estates No 3 and Tui Concepts, to O:TU Investments which is owned by Min Jia and Xiumei Lin. The price was not disclosed.
The vineyards are planted on the 256ha Main Block, while a 79ha area known as Donaldson Block is currently not under vine.
The OIO said that O:TU was planning to convert Donaldson into a vineyard as well as further develop Main Block.
Otuwhero Marlborough wine group went into administration in 2010 owing NZ$29 million.
One of the Deloitte managers put in charge of the company since then, Grant Jarrold, said that the acquisition by O:TU was “a good thing for the region”.