| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 5 October 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 10.7803 hectares of land at A/169 Union Road, RD3, Pukekohe. |
| Consideration | $1,434,375 |
| Applicant | Ultra Merit International Limited Nancy Wong, Hong Kong (Special Administrative Region) (100.0%) |
| Vendor | Frederick Edward Strange, Richard George Wilson and Anne Catherine Albrecht as trustees of the Dungowan Trust New Zealand (100%) |
| Background | The Applicant's shareholder owns a majority (60%) share of The Thoroughbred Trader Limited (TTT) whose primary business is to acquire thoroughbreds and train them for racing in Hong Kong, Macau and Singapore. The Applicant proposes to acquire the land to develop it as a thoroughbred horse break-in, spelling and training facility. The acquisition will ensure that TTT is well positioned to meet the increasing demand for horse training services. 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 |
| More information | Grant Buchanan King Gerrard Partners PO Box 327 Pukekohe |