Applicant
Tanupara Asia Limited
Case number(s)
201420098
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date17 May 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 2,583 hectares of land at 756 Mangaeturoa South Road, Raetihi (Tanupara Station).
Consideration$13,500,000
ApplicantTanupara Asia Limited
Hong Kong (SAR) (100%)
VendorJames Bull Holdings Limited
New Zealand (100%)
Background

The Applicant intends to develop Tanupara Station to increase its carrying capacity, productivity and profitability whilst modifying the operation to be more focused on sheep production. The Station will be managed by MyFarm Sheep & Beef.

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) – Creation of Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access
17(2)(f) – Offer to gift riverbed to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(i) – Economic interests

More informationJames Dunne
Chen Palmer
PO Box 2160
WELLINGTON 6140