| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 30 March 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 5.2559 hectares of land at 1570 Dairy Flat Highway, Silverdale, Auckland. |
| Consideration | $4,500,000 |
| Applicant | Hongying Xie China, People's Republic of (100%) |
| Vendor | Ngiik Bing Yong, Chit Wing Or, Zhi Wen He and Irving Teoh New Zealand (100%) |
| Background | The Applicant is intending to move to New Zealand to reside permanently with her family over the next few years. She intends to acquire the land in order to develop a new, purpose-built early childcare facility on the Land that will cater for approximately 125 children. The Applicant has extensive experience in the childcare/education industry in China. The new, purpose-built early childcare facility will result in the creation of new job opportunities and the introduction of investment capital for development purposes. 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 |
| More information | Deirdre Norris Glaister Ennor PO Box 63 AUCKLAND |
| Retrospective penalty | $6,000 |