Applicant
Shanghai CRED Real Estate Co. Limited
Case number(s)
201310014
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date3 July 2013
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest (both fee simple and stratum in freehold) in approximately 1,116ha of land located on Karikari Peninsula in Northland, being the site of the Carrington Assets.  
Consideration$28,750,000
ApplicantShanghai CRED Real Estate Co. Limited
Guo Jie Gui, China, People's Republic of (36.11%)
Pei Zhan, China, People's Republic of (24.99%)
Others, China, People's Republic of (38.9%)
VendorPaul Knox Kelly, Edgewater Developers Limited, Carrington Farms Limited
United States of America (100%)
Background

The Applicant intends to continue to operate and develop the existing businesses (including the Carrington Golf Course Resort and Karikari Winery Estate) operated on the land.

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) – Greater productivity & efficiencies
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous vegetation/fauna
17(2)(c) – Trout, salmon, wildlife and game
17(2)(e) – Walking access
17(2)(f) – Offer to gift foreshore/riverbed to the Crown

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

More informationTessa Kennings/Bill Sandston
Chapman Tripp
PO Box 2206
AUCKLAND 1140