| Decision | Consent granted retrospectively Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 10 February 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of rights or interests in up to 100% of the securities of Double Excel Investments Limited, which owns or controls interests in various mortgages secured over approximately 2.5477 hectares of land at Queenstown. |
| Consideration | $80,500,000 |
| Applicant | New Wish Investment Limited Rose Jiang, China, People's Republic of (50.0%) Zhaobai Jiang, China, People's Republic of (50.0%) |
| Vendor | Hongsheng Tao China, People's Republic of (100%) |
| Background | This is a retrospective application which relates to the Applicant’s acquisition of interests in various mortgages secured over the Kawarau Falls development which includes the Queenstown Hilton. The owners of the property are currently in receivership. The overseas investment transaction 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 | Mark Nicholson Chapman Tripp PO Box 2206 AUCKLAND 1140 |
| Retrospective penalty | $17,500 |