| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 Section 13(1)(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 9 June 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 37.6360 hectares of land at Sunnyheights Road, Orewa, Auckland. An overseas investment in significant business assets, being the establishment of a business in New Zealand by the Applicant where the total expenditure required before commencing business exceeds $100m. |
| Consideration | $39,600,000 |
| Applicant | Changda International New Zealand Limited Weifang Changda Construction Group Co., Limited, China, People's Republic of (60.0%) Yangpu Kelei Teer Investment Co., Limited, China, People's Republic of (20.0%) Shandong Yinji Property Co., Limited, China, People's Republic of (20.0%) |
| Vendor | Sunnyheights Limited Peter Hanbury Masfen, New Zealand (50.0%) Joanna Alison Masfen, New Zealand (50.0%) |
| Background | The Applicant intends to establish a business of property development that includes the acquisition of the land at Sunnyheights Road and the subdivision of, and development of residential properties on, the land. The overseas investment transaction has satisfied the criteria in sections 16 and 18 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 | Martin Thomson/Pavanie Edirisuriya DLA Phillips Fox PO Box 160 AUCKLAND |