New Zealand dairy multinational Fonterra has agreed to sell its China farms for a total of $555 million after successfully developing the farms alongside local partners.

Inner Mongolia Natural Dairy Company, a subsidiary of China Youran Dairy Group, has agreed to purchase Fonterra’s two farming hubs in Ying and Yutian for $513 million as the company steps away from global expansion.

The dairy company also agreed to sell its 85% interest in its Hangu farm to Beijing Sanyuan Venture Capital for $42 million.

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