Overseas investment decision for case 201220060 - Greendom Limited

An overseas investment in sensitive land, being the Applicant's acquisition of:

• a freehold interest in approximately 490.6488 hectares of forestry land located at 3137 Tiniroto Road, Hangaroa, Gisborne; and
• a freehold interest in approximately 262.2970 hectares of forestry land located at Tutira, Hawkes Bay.

The Applicant intends to further develop the plantation forestry on the land for the sale of timber products and carbon sequestration.

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 of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Enhanced indigenous vegetation/fauna
17(2)(e) – Enhanced walking access

Overseas Investment Regulations 2005
28(f) – Advance significant Government policy or strategy
28(i) – Economic interests