| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Overseas Investment Office |
| Decision date | 9 October 2018 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 10.0000 hectares of land at Downs Road, Geraldine. |
| Consideration | $425,000 |
| Applicant | Sunshine Glory New Zealand Limited Xiao Li, China (99.0%) Qiming Sheng, China (1.0%) |
| Vendor | William Paul Fitzsimons and Angela Mary Veale New Zealand (100%) |
| Background | Xiao Li and Qiming Sheng are current resident visa holders and they have satisfied the OIO that they intend to reside in New Zealand indefinitely. Overseas persons intending to reside in New Zealand indefinitely are not required to show that their investment in sensitive land is likely to benefit New Zealand. This supports migrants in the process of moving to New Zealand to make New Zealand their home. |
| More information | Royal Reed Prestige Lawyers PO Box 305-379 AUCKLAND |
| Retrospective penalty | $5,000.00 |