| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 6 August 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 31.7747 hectares of land at Gulf Harbour, Whangaparaoa. |
| Consideration | $35,000,000 |
| Applicant | Top Harbour Limited Zhaobai & Rose Jiang, China, People's Republic of (45.0%) Shanghai Zendai Property Limited, Hong Kong (SAR) (45.0%) Westlake Investments Limited, New Zealand (10.0%) |
| Vendor | Gulf Corporation Limited (In Receivership) & Gulf Corporation No.1 Limited (In Receivership) James Matthew Peters, New Zealand (100.0%) |
| Background | The Applicant intends to continue the development of a premier integrated coastal community in accordance with the Gulf Harbour District Plan. The new community will include more than 1000 new homes along with a business centre, shops, cinemas, possible hotel/convention centre and a marina. The total cost of development over the next eight years is expected to be up to $550 million (excluding finance costs). The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | E L Lim Sylvia Cheah |