| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 23 January 2018 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in an additional 29% of the securities of Changda International Investment Holding Co., Limited which owns or controls a freehold interest in 40.7259 hectares of land at 207 West Hoe Heights, Orewa, Auckland. |
| Consideration | $3,800,000 |
| Applicant | Yangpu Kelei Teer Investment Co., Limited Jinxing Xue, China, People's Republic of (88.6%) Ying Wang, China, People's Republic of (7.6%) Zhigang Xue, China, People's Republic of (3.8%) |
| Vendors | Weifang Changda Construction Group Co., Limited China Public (70.0%) Pengqiang Xu, China, People's Republic of (20.0%) Jiuzhou Zhu, China, People's Republic of (10.0%) Shandong Yinji Property Co., Limited Chuanqing Wang, China, People's Republic of (90.0%) Chuanxiao Wang, China, People's Republic of (10.0%) |
| Background | The Applicant is currently a 20% shareholder of Changda International Investment Holding Co., Limited (the “Target Company”). It has entered into a share transfer agreement to acquire a further 29% from the existing shareholders being:
The Target Company is in the process of developing the land at Orewa, Auckland into residential sections and commercial lots. It intends constructing dwellings on the sections or selling the sections to third party developers or home owners for development. The Investment is likely to enhance the on-going viability of the development by allowing the Target Company to obtain the additional funding it requires to complete the development. This is likely to result in the creation of additional residential sections in the Auckland region for housing. |
| More information | Kellie Bright Shieff Angland PO Box 2180 AUCKLAND |