| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 14 March 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 910.3579 hectares of land at 3093 Waihopai Valley Road, Waihopai Valley, Marlborough. |
| Consideration | $2,300,000 |
| Applicant | Ernslaw One Limited Tiong Hiew King, Malaysia (25.9981%) Tiong Ik King, Malaysia (13.55%) Estate Tiong Yung King, Malaysia (12.2996%) Thai King Tiong, Malaysia (12.2996%) Tiong Kiong King, Malaysia (12.2996%) Estate Tiong Kiu King, Malaysia (10.8492%) Chia Lai Mei, Singapore (9.523%) Bring Rich Corporation Inc, Singapore (1.0003%) Tiong Chiong Ong, Malaysia (0.7502%) Tiong Chiong Hoo, Malaysia (0.7502%) Tiong Family, Malaysia (0.48%) Law Cheng King, Malaysia (0.2001%) |
| Vendor | Niven Holdings Limited Stephanie Gaye Niven, New Zealand (50%) Peter Campbell Niven, New Zealand (50%) |
| Background | The Applicant is a forestry and timber processing business operating in various locations throughout New Zealand. The Applicant intends to convert the land from a sheep and beef farm with some plantation forestry established on it to entirely plantation forest. The Applicant intends to invest substantial additional capital for development to prepare and plant the Land in radiata pine forest and to obtain FSC certification for the Land, which will ensure it is managed in an environmentally sustainable manner. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Deirdre Norris Glaister Ennor PO Box 63 AUCKLAND |