Applicant
Universal Homes Limited
Case number(s)
201720021
Decision date
Type
Decision
DecisionConsent Granted
Section 12(a) Overseas Investment Act 2005
Decision Date14 December 2017
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 42.2606 hectares of land at Westgate, Auckland.
Consideration$150,000,000
ApplicantUniversal Homes Limited
Chinese Government, China, People's Republic of (97.18%)
Joint investment financial product no.3 between AnBang Asset Management, China Merchants Bank and AnBang Asset, China, People's Republic of (1.22%)
China Development Bank, China, People's Republic of (0.8%)
Beijing Qidian Lingyu Stage One Investment Centre, China, People's Republic of (0.8%)
VendorWestgate Joint Venture
New Zealand Public and Various Entities, New Zealand (100.0%)
Background

The Applicant is a property developer in medium and high density residential developments.

The Applicant specialises in producing the whole product from subdividing the land through to completing finished homes.

The investment is likely to result in the following benefits to New Zealand:

  • Achieving greater efficiency and productivity in the high housing demand area of Auckland by producing a large number of properties in a short timeframe.
  • The introduction of significant capital for development purposes to fund the developments.
  • Advancement of a significant government policy or strategy through the increased supply of new homes in the Auckland region.
More informationEmma Tonkin
Kensington Swan
Private Bag 92-101
AUCKLAND