Shanghai Pengxin’s Pure 100 subsidiary said it had spent more than $18 million, since settlement, to improve productivity of the Crafar farms, demonstrating its commitment to adding value and it was “surprised and extremely disappointed with the decision” and would be considering its options.

The two ministers rejected the recommendations of the Overseas Investment Office (OIO), which would have given the sale the green light.

“There didn’t appear to be any substantial and visible benefit”, he says.

Jobs created, for example, would have been a couple of contractors and maybe a part-timer.

The Chinese government has encouraged its companies to look to overseas markets to meet the demands of its growing consumer class.

It is unlikely those focus groups were unaware of growing concern about foreign investment.

Disputed ground – an aerial view of Lochinver Station.

Earlier this year, another Pengxin-controlled company – Milk NZ Holding – was named supreme victor at the 2015 HSBC NZCTA New Zealand China Business Awards replicating its success at the BNZ NZ China Business Awards.

This allows ministers to consider whether New Zealand’s economic interests are adequately “safeguarded and promoted” in the case of land aggregation or vertical integration.

This test has been a key determinant of the Government’s decision over Lochinver.

When that was put to Ms Bennett, she simply said the Government was not turning people away on the basis of their last names – an obvious dig at Labour over its claim foreigners were flooding the Auckland house market after producing a list of house buyers with Asian sounding names.

“This was not proven here and we believe the Lochinver decision reinforces the importance of changes made to the Overseas Investment Office rules over recent years”, says Dr William Rolleston, President of Federated Farmers.

“We are concerned that this process has taken 14 months with the end result that we have been deprived of our property rights to sell to the highest value bidder for some vague national benefit which has not been defined”, chief executive Mark Franklin said.

But Bennett said unlike the Crafar farms, Lochinver was already “very well run”.

Out of those a mere eight have been declined, and none – except Lochinver – since 2012.

The ministers are expected to announce their move publicly in the near future.

It prevents the “loss” of this farmland to foreign ownership but it also prevents the owners investing the capital from the farm into another venture that quite possibly offers a greater return to them and the New Zealand economy.