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Published: 6:12PM Wednesday April 24, 2013 Source: BusinessDesk A stack of cut logs. – Source: Photos.com The North Island forest estates are the first step in the Chinese company’s strategy to invest in the local industry and look at other opportunities, it said in a statement. The general manager of China National Forests, Lin Zhan, expects the forestry investment will generate new jobs. “To ensure that the forests are managed to best practice, New Zealand based in-forest suppliers will continue to provide the in-forest services.” “Owning the forestry estate will not likely see any reduction in the purchase of export logs from other New Zealand suppliers,” Wong said. The superannuation fund, known as the Cullen Fund for its architect former Finance Minister Michael Cullen, sought a buyer for the blocks last year, when it valued the estates at some $91.1 million as at June 30. “We see more attractive investment opportunities for our purposes elsewhere,” Whineray said. “We are always working to ensure that we have the best possible mix of investments in the fund.” The Cullen Fund recently upped its stake in the Kaingaroa Forest, which is still the fund’s single biggest asset worth $945.1 million as at March 31, and recently bought a $140 million stake in local IT company Datacom and 11 local dairy farms. Continue reading →