Forget about the Chinese, the biggest buyers of dairy farming land in New Zealand over the last two years are the Americans.
A review of Overseas Investment Office approvals for foreign purchases of dairy farms shows US investors snapped up well over half of the land between January 2013-December 2014.
The analysis by KPMG shows buyers from the US accounted for 54.4 percent of the land over the period while Chinese investors made up just 11.7 percent.
"There is a widespread perception that it's a thin market comprised of Chinese and Hong Kong investors - who are buying New Zealand dairy land. In reality, though, the market has a broad base of investors," said KPMG's Justin Ensor.
Sweden accounted for 5.9 percent while the rest was shared by 11 different nations.
KPMG estimates around 80 percent of the dairy land purchased by overseas buyers is covered in the review.
Earlier this year KPMG research showed Canada accounted for 22 percent of overseas investment in 2013-2014, followed by China and the United States with 14 and 13 percent respectively.