| Decision | Standing Consent (Increased Housing test) granted Sections 12(a) and 23A Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 3 April 2020 |
| Investment | Overseas investments in sensitive land, being Universal’s acquisition of interests in residential (but not otherwise sensitive) land. |
| Applicant | Universal Homes Limited The People’s Republic of China (100%) |
| Background | Universal is one of New Zealand’s largest house building companies, with a long record of completing residential developments in this country. Universal acquires residential land to develop housing and sell house and land packages to the public. We are satisfied that Universal has demonstrated that residential land acquired under this standing consent is likely to be used to increase the number of residential dwellings constructed on the land. This standing consent has been granted in accordance with the Increased Housing test in Schedule 2 of the Act. This Standing Consent (for a maximum of 27 transactions by 3 April 2023) will permit Universal to acquire up to a total of 21.5 hectares of residential only land in the Auckland region. |
| More information | Matthew Ockleston Dentons Kensington Swan Private Bag 92101 Auckland 1142 |