Overseas investment decision for case 201420065 - Emerald Foods Group (HK) Limited

An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 0.8195 hectares of land at 1 Accent Drive, East Tamaki, Auckland; and

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the securities of Emerald Foods Limited (being a 100% subsidiary of Emerald Group Limited), which owns or controls a leasehold interest in approximately 0.8195 hectares of land at 1 Accent Drive, East Tamaki, Auckland.

The Vendor, including subsidiaries of the Vendor, manufactures, distributes and exports ice cream and sorbet products from the land and operates a global ice cream parlour/outlet franchise network and associated activities.

The Applicant intends to develop the business located on the land, with particular regard to increasing exports to China.
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)(iii) – Increased export receipts
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(a) – Consequential benefits