New Zealand’s Fonterra sells China dairy farms for $368 million

(Reuters) – New Zealand’s Fonterra said on Monday it would sell its dairy farms in China for a total of NZ$555 million ($367.97 million), with China Youran Dairy Group buying most of it.

Youran will purchase the company’s two farming-hubs for NZ$513 million, while Beijing Sanyuan Venture Capital is set to acquire a 85% stake in Hangu farm.

(Reporting by Anushka Trivedi in Bengaluru)