| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 18 September 2019 |
| Pathway(s) | Sensitive land – special forestry test |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 926.4034 hectares of land at Highfield, Kai Iwi and Kirikopuni Forests. |
| Consideration | $3,225,930 for the freehold interest in 926.4034 hectares of land at Highfield, Kai Iwi and Kirikopuni Forests |
| Applicant | China Forestry Group New Zealand Company Limited China (100%) |
| Vendor | Utaraya Finance Inc United Kingdom (100%) |
| Background | The Applicant has applied for consent under the special test relating to forestry activities set out in section 16A(4) of the Act. The Applicant will acquire the land upon which three forests are planted, being the Highfield Forest (314 ha, located in Rotorua), the Kai Iwi Forest (158 ha, located in Wanganui) and Kirikopuni Forest (454 ha in Northland). The Applicant is also acquiring a forestry right over all standing trees on the land. Collectively the forests have a total stocked area of 708.5 ha. The land is currently used for commercial forestry, predominantly pinus radiata. The Applicant intends to begin harvesting the forests over the next few years, beginning in 2020. The Applicant will replant the land and maintain the same proportions of stocked area. The land does not contain any residential land and will not be used for any residential purposes. There are no existing arrangements relating to the land and there are no log supply contracts to honour. The Land does not contain any special land or farm land. |
| More information | Rachel Pettersen BlackmanSpargo PO Box 6206 ROTORUA |