| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 10 February 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 10.0585 hectares of land at 1147E Lake Hawea, Albert Town Road, Wanaka. |
| Consideration | $2,375,000 |
| Applicant | Ming Gu China, People's Republic of (100%) |
| Vendor | Paul Andrew LaHood and Checketts McKay Trustees Limited as trustees of the Lahood Family Trust No.2 New Zealand (100%) |
| Background | The Applicant proposes to operate the dwelling on the land as a high-end family style guest house and vacation home. The Applicant plans to increase the occupancy rates of rooms in the dwelling through greater marketing of the property and utilising his connections. The Applicant will create one full time position and two part time positions as a result of the investment. Export receipts are also likely to increase through the attraction of overseas visitors. 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 | Kris Morrison Parry Field Lawyers 1 Rimu Street Riccarton Christchurch |