Auckland, June 29 NZPA - Chinese businesswoman May Wang has upped her offer to the creditors she owes $22 million to 6 cents in the dollar, the New Zealand Herald reports today.

This is a 4c increase on the 2c offer her creditors decided to accept yesterday from her failed property development company.

The new deal is expected to be approved in the High Court in Auckland next month.

Ms Wang said that the creditors would have received nothing if she had been bankrupted

Ms Wang is the front person for a group of Chinese investors bidding to buy $1.5 billion of New Zealand dairy farms, including those from the failed Crafar farming operation.