| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 11 October 2016 |
| Investment |
An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to a further 55% of the shares of Top Harbour Limited which owns or controls a freehold interest in approximately 22.4583 hectares of land at Gulf Harbour, Whangaparoa, Auckland. The overseas investment may be given effect through up to two transactions. |
| Transaction One | |
| Consideration | $25,539,611 |
| Applicant | New Wish Investment Limited Rose Jiang, Canada (50%) Zhaobai Jiang, China, People's Republic of (50%) |
| Vendor | Shanghai Zendai Real Property Limited Shanghai Zendai Property Limited, Hong Kong (SAR) (100%) |
| Transaction Two | |
| Consideration | TBC |
| Applicant | New Wish Investment Limited Rose Jiang, Canada (50%) Zhaobai Jiang, China, People's Republic of (50%) |
| Vendor | Westlake Investment Limited Terry Lee & Family, New Zealand (100%) |
| Background |
The Applicant is a Hong Kong incorporated company owned by Zhaobai Jiang and Rose Jiang. It currently owns 45% of the shares in Top Harbour Limited and seeks to increase its shareholding to up to 100% through two possible transactions. Top Harbour Limited was granted consent under the Overseas Investment Act 2005 to acquire sensitive land in 2012. It is currently developing that land into an integrated coastal community. The Applicant seeks to increase its shareholding in Top Harbour Limited. The overseas investment is likely to result in the retention of existing jobs, and the creation of new ones, increased availability of housing in the wider Auckland region and the planting of native plants. The overseas investment has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Ewe Leong Lim Anthony Harper PO Box 2646 AUCKLAND 1146 |