| Decision | Consent declined Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 22 March 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 10.2835 hectares of land at 71 Sicilian Lane, Lake Hayes, Queenstown. |
| Consideration | $3,800,000 |
| Applicant | Santhara Ramanaidu & Carline D'Cruz Malaysia (100%) |
| Vendor | Walter Frank and Olive May Le Page Olive May Le Page, New Zealand (50.0%) Walter Frank Le Page, New Zealand (50.0%) |
| Background | The Applicants are Malaysian nationals who applied to Immigration New Zealand (INZ) for permanent residency. Originally, the Applicants sought to emigrate to New Zealand to bring up their family and educate their children in New Zealand. However, subsequently their circumstances have changed and they no longer intend to reside in New Zealand. The Applicant sought to purchase the property as a lifestyle block. The overseas investment transaction has not satisfied the criteria in section 16 of the Overseas Investment Act 2005. |
| More information | Chris Western Simpson Western Private Bag 93533 Takapuna AUCKLAND |