Applicant
O:TU Investments Limited
Case number(s)
201220078
201220079
Decision date
Type
Decision
Decision Consent granted
Section 12(a) Overseas Investment Act 2005
Decision date 7 April 2013
Investment An overseas investment in sensitive land, being the Applicant's acquisition of:
  • a freehold interest in approximately 256.9083 hectares of land at Marlborough (Main Block); and
  • a freehold interest in approximately 79.6273 hectares of land at Marlborough (Donaldson Block).
Consideration $8,200,000
Applicant O:TU Investments Limited
Min Jia, China, People's Republic of (97.0%)
Xiumei Lin, China, People's Republic of (3.0%)
Vendors Otuwhero Estate Wines Limited (in receivership); Otuwhero Estates Limited (in receivership); and Otuwhero Estates No 3 Limited (in receivership)
New Zealand Public (84.2%)
Indonesian Public (15.8%)
Tui Concepts Limited
New Zealand (100%)
Background

The Applicant intends to convert the Donaldson Block to a vineyard and further develop the existing vineyard on the Main Block. It is intended to produce wine under the “O:TU” label.

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 efficiency or productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(f) – Offer to sell riverbed to the Crown

Overseas Investment Regulations 2005
28(i) – Economic interests
More information Craig Nelson
Simpson Grierson
Private Bag 92518
Wellesley Street
AUCKLAND