| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office (the Office) |
| Decision Date | 29 May 2019 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 3.7268 hectares of land at 38A Kewa Road, Albany Heights. |
| Consideration | $4,200,000 |
| Applicant | New Land International Development Company Limited Hongxia Xin, China, People's Republic of (45.0%), resident in New Zealand Huilai Xin, China, People's Republic of (18.0%) Erxing Tian, China, People's Republic of (13.5%) Peng Pian, New Zealand (10.0%) Xiangwei Xin, China, People's Republic of (9.0%) Xiaobing Liu, China, People's Republic of (4.5%) |
| Vendor | Wilberfoss Family Trust Limited Peter Charles Robert Wilberfoss, New Zealand (50.0%) Caroline Mary Bridges, New Zealand (50.0%) |
| Background | New Land International Development Company Limited (New Land) is a New Zealand incorporated company developing land in Auckland for a residential subdivision. New Land purchased the land in February 2015. They acted in reliance on legal advice provided by their then legal advisor’, and consent under the Overseas Investment Act 2005 (the Act) was not sought at the time of purchase of the land. In 2018, New Land sought retrospective consent for the acquisition and the Office imposed an administrative penalty to reflect the breach of the Act. New Land’s investment has resulted, and is likely to further result, in benefits to New Zealand. New Land will seek resource consent to develop the land into more sections than it is currently zoned for. This is expected to result in additional job opportunities and investment due to the development of more sections, and a more efficient use of the land. New Land has significant New Zealand ownership and control, and currently is developing another significant residential development elsewhere in Auckland that has brought benefit to New Zealand. |
| More information | Susie Kilty Buddle Findlay PO Box 2694 WELLINGTON 6140 |
| Retrospective penalty | $10,000.00 |