| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 17 August 2021 |
| Pathway(s) | Forestry (Special forestry - One-off purchase) National interest assessment |
| Investment | Acquisition of the Rangatira Forest Estate, comprising of approximately 565.1 hectares of forest land and trees on the land across the Rangitikei District in the Manawatu-Whanganui region. |
| Asset Value | Withheld under s 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Remutaka Forests Limited People's Republic of China (100%) |
| Vendors | Rangatira Forests Limited New Zealand (100%) |
| Background | The Applicant was granted consent to acquire the Rangatira Forest Estate under the special test relating to forestry activities, set out in s 16A(4) of the Overseas Investment Act 2005. The Rangatira Forest Estate comprises three, freehold, Pinus Radiata forests, being Cain Forest, McKay Forest, and Cooks Road Forest. The Applicant is part of the China National Forest Products Company Limited Group (CNFPC Group), a long-term participant in the forestry sector in New Zealand. The Applicant intends to continue using Rangatira Forest Estate for forestry activities. Of the 565.1 hectares, the net stocked area comprise approximately 462.2 hectares. There are approximately 17 hectares of native bush (including scrub), 19 hectares of buffer land, set-backs, and riparian planting, six hectares of infrastructure (such as roads and tracks), and 61 hectares that are not suitable for planting (such as ridges and gullies). The earliest harvest is expected shortly, following completion of this transaction. The Applicant will apply for the required resource consents for certain harvesting activities. Harvested areas will be replanted with Pinus Radiata in the winter following harvest. The Applicant intends on supplying harvested logs that are pruned, pulp logs, and other grades of logs to local processors. The remainder will likely be exported. |
| More information | Susie Kilty Buddle Findlay PO Box 2694 WELLINGTON 6140 |