| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 18 February 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant’s acquisition of a freehold interest in approximately 2.3633 hectares of land at 24 & 26 Short Street, Taupo. |
| Consideration | $3,800,000 |
| Applicant | Yang Chung Roy Chen and Yuk Lynn Chen Woo Hong Kong (SAR) (100%) |
| Vendor | Southland Building Society New Zealand (100%) |
| Background | The Applicant intends to build four luxury lodges on the property. Two of these will be used for a high-end lodge accommodation business, with the other two lodges intended for personal use. The Applicant will donate and relocate one of the existing houses on the land to a New Zealand charity and also protect, and give limited access to, the historic pa site located on the land. 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 Overseas Investment Regulations 2005 |
| More information | Andrew Petersen Bell Gully PO Box 4199 AUCKLAND 1140 |