| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 15 June 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of G L Bowron & Co Limited which owns or controls a freehold interest in 6.2645 hectares of land at 2-12 Long St, Woolston, Christchurch. The consent also covers an internal restructure of the company group. |
| Consideration | Approximately $17,559,000 |
| Applicant | Rich Development Limited Heping Wang, China, People's Republic of (50.0%) Hui Lyu, China, People's Republic of (50.0%) |
| Vendor | Hatchi Sydney Japanese Public, Japan (68.4%) Various Public, Various (31.6%) |
| Background | G L Bowron & Co Ltd is an overseas-owned company that operates a tannery business in Christchurch. The Applicant is a wholly-owned subsidiary of Henan Prosper Skins and Leather Enterprise Co. Ltd (Henan Prosper), a Chinese company and one of the world’s largest tanner and processor of woolly skins. The Applicant intends to expand the Bowron tannery business and take advantage of significant supply chain efficiencies and economies of scale between Henan Prosper's existing business and the Bowron tannery business. The Applicant intends to increase throughput and exports at the tannery over the next six years. 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 |
| More information | Chris Bargery Anderson Lloyd P O Box 399 Shortland Street Auckland 1140 |