| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 25 January 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,053.7195 hectares of land at Waihopai Valley Road, Benhopai, Marlborough. |
| Consideration | $1,700,000 |
| Applicant | SCFNZ Limited Sunchang Corporation, South Korea (100.0%) |
| Vendor | Shanks 1993 Family Trust New Zealand (100%) |
| Background | The Applicant is a subsidiary of Sunchang Corporation, a Korean listed company, which manufactures plywood, fibreboard and lumber for commercial and industrial purposes. The overseas investment will allow Sunchang Corporation to secure a portion of the logs it requires from its own forests which will enable it to control the quality of those logs. The Applicant intends to harvest and replant the land to ensure a steady supply of timber. 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 | Andrew Petersen Bell Gully PO Box 4199 AUCKLAND 1140 |