Overseas investment decision for case 201510043 - Maui Milk Limited | Toitū Te Whenua

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision Date	24 November 2015
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 490 hectares of land at 120 Whareroa Road, Kuratau.
Consideration	$1,160,810
Applicant	Maui Milk Limited Trustees of the Waituhi Kuratau Trust, New Zealand (40.0%) Liang Chen, China, People's Republic of (24.0%) Liwu Zhou, China, People's Republic of (21.6%) Binlan Dang, China, People's Republic of (12.0%) XiaoFang Han, China, People's Republic of (2.4%)
Vendor	Trustees of the Waituhi Kuratau Trust New Zealand (100%)
Background	The Applicant will develop a sheep dairy farm on the Land. Sheep milk powder produced will be exported to the Chinese market, for sale through the Applicant’s distribution network. 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 17(2)(a)(i) – Jobs 17(2)(a)(iii) – Increased export receipts 17(2)(a)(iv) – Added productivity 17(2)(a)(vi) – Increased processing of primary products Overseas Investment Regulations 2005 28(i) – Economic interests 28(j) – Oversight and participation by New Zealanders
More information	Joe M Windmeyer Russell McVeagh PO Box 8 AUCKLAND