| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 23 May 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 12.9499 hectares of land at 3396 Mountain Road, Stratford. |
| Consideration | $1,220,000 |
| Applicant | Sunner NZ Limited Guangming Fu, China, People's Republic of (61.25%) Yipi Zhou, China, People's Republic of (10.0%) Shaowei Gu, China, People's Republic of (10.0%) Li Yuanyuan, China, People's Republic of (10.0%) Fenfang Fu, China, People's Republic of (8.75%) |
| Vendor | Gold International Holdings Limited Guoqiang Zhang, China, People's Republic of (100%) |
| Background | The Applicant acquired the Taranaki Abbatoir business (Abbatoir) including a short term lease over the land in 2016. Consent is now sought to acquire the underlying freehold interest in the land. The performance of the Abbatoir had declined significantly since 2010. The Applicant has undertaken initial upgrades at the Abbatoir and proposes further investment to develop the Abbatoir into an export operation, supplying red meat to the Chinese market. Without the Investment, the Abbatoir would be likely to close. The Investment is likely to result in the retention of 25 jobs at the Abbatoir. 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 Overseas Investment Regulations 2005 |
| More information | Oliver Roberts Duncan Cotterill PO Box 5 CHRISTCHURCH 8140 |