Australia's government has blocked the sale of the country's largest private landholding to foreign investors.
S Kidman & Co has pastoral leases covering 101,411sq/km - an area bigger than Ireland.
Chinese conglomerate Shanghai Pengxin Group has been on a buying spree ever since it entered New Zealand in 2011.
The food giant has bought 29 farms through local subsidiaries to become the country's third largest dairy producer.
Pengxin's expansion plans in New Zealand seemed to be going smoothly until last month when the government unexpectedly rejected its $56m (£36m) bid to buy the sprawling and iconic Lochinver farm.
New Zealand's government has blocked a Chinese company from making a multi-million dollar purchase of a farm.
China is New Zealand's biggest market for many dairy and meat products.
And Shanghai Pengxin said it was "surprised and extremely disappointed with the decision".
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Foreign investment in Australian farmland and related businesses is coming under closer scrutiny.
About 11% of Australia’s agricultural land is foreign-owned, with the highest proportion (24%) in the Northern Territory. On 1 March the Australian government brought in new rules which mean that foreign investors buying farms and land in the country have to seek its prior approval.
Until the guidance on permitted development rights for converting farm buildings to dwellings is sharpened, farmers will need to give their applications the best possible chance.
Jane Scott, senior planning consultant at Hobbs and Parker, offers her advice.
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