Applicant
Best Choice Development Trust
Case number(s)
201110034
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date9 September 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 5.4100 hectares of land at 55 Hayfield Way, Hingaia, Karaka.
Consideration$4,000,000
ApplicantBest Choice Trustee Limited as trustee of the Best Choice Development Trust
Yong Yang, China, People's Republic of (100.0%)
VendorEmerald Trust, Karaka Views Trust & Karaka Acres Trust
New Zealand (100%)
Background

The Applicant is looking to carry out further residential development in New Zealand following the success of a prior residential development in Feilding and is acquiring the land in order to develop and subdivide the land for residential purposes.

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/Retention of jobs
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(g) – Enhance the viability of other investments

More informationRoger Simonsen
Jacobs Florentine
PO Box 237
Palmerston North