| 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 9.7234 hectares of land at Mangapapa Petit Hotel, located near Havelock North. |
| Consideration | $4,500,000 |
| Applicant | AG Mangapapa Investment Limited Shigeru Sato, Japan (69.42%) Shinji Sato, Japan (30.58%) |
| Vendor | Able Real Estate (HK) Co. Limited Kunio Miyamoto, Japan (51%) AU Oi Kwan, Hong Kong (51%) |
| Background | The Applicant intends to continue to operate Mangapapa Petit Hotel as a hotel and conference centre. The Applicant intends to improve the hotel facilities and increase the profile of the hotel with overseas visitors through the Applicant's Asian tourist industry connections. 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 | Kate Young Langley Twigg PO Box 446 NAPIER |