| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 Section 13(1)(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 1 September 2014 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 0.5729 hectares of land at 99-177 Halsey Street, Wynyard Quarter, Auckland. An overseas investment in significant business assets, being the establishment of a business in New Zealand by the Applicant where the total expenditure required before commencing business exceeds $100m. |
| Cost of Commencing Business | $126,500,000 |
| Rent Consideration | $13,500,000 |
| Applicant | Fu Wah New Zealand Limited Hong Kong (SAR) (90.0%) China, People's Republic of (10.0%) |
| Background | The Applicant's parent company, Fu Wah International Enterprises Group Limited, a Hong Kong registered company, is an experienced commercial property developer. The land is owned by Auckland Waterfront Development Agency Limited ("Waterfront Auckland"), on behalf of the Auckland Council and the public of Auckland. Waterfront Auckland is responsible for the re-development of around 45 hectares of waterfront property including the Wynyard Quarter. The Applicant intends to enter into a lease with Waterfront Auckland and to build an internationally recognised five-star hotel on the land. The overseas investment transaction has satisfied the criteria in sections 16 and 18 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 Overseas Investment Regulations 2005 |
| More information | Silvana Schenone Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |