Applicant
Qing Ye
Case number(s)
201410049
Decision date
Type
Decision
DecisionConsent granted retrospectively
Section 12(a) Overseas Investment Act 2005
Decision date21 August 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 0.8988 hectares of land at 5-7 Averton Place, East Tamaki, Auckland.
Consideration$2,700,000
ApplicantQing Ye
Australia (100%)
VendorColin Bernard Flavell & Valerie Kay Flavell and Brian Anthony Teare
New Zealand (100%)
Background

The Applicant seeks retrospective consent for the acquisition of land in 2009 used for the establishment and operation of a pharmaceutical-grade dairy manufacturing business and associated activities. 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
17(2)(a)(i) – Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater efficiency or productivity
17(2)(a)(vi) – Increased processing of primary products 

Overseas Investment Regulations 2005
28(e) – Previous investments
28(f) – Significant Government policy or strategy

More informationSusie Kilty
Buddle Findlay
PO Box 2694
WELLINGTON 6140
Retrospective penalty$8,000