Overseas investment decision for case 202000760 - Pine Plantations Private Limited

The Applicant has been granted consent to acquire the Land under the special test relating to forestry activities that is set out in section 16A(4) of the Act. 

The Applicant is a new investor to New Zealand and is beneficially owned by Malaysian individuals associated with the Neoh family. 

The Vendors use the Land as a sheep and beef farm, and the Applicant intends to develop the Land into a commercial forest. The Applicant plans to plant the Land principally in pinus radiata. Planting is intended to commence on the Land from 2021/22 and the pines will be harvested in approximately 25 to 30 years. 

The Applicant plans to plant approximately 330 ha. The remainder of the Land will be unplanted areas associated with forestry activities, including native bush to be retained (98 ha) and buffer land (22 ha).  The Applicant also plans to subdivide and sell a portion of the land (12 ha) containing a dwelling that is not required for forestry activities. 

The Land includes approximately 70 ha of high ecological value area which will not be planted and will be protected.

By way of background, the majority of the Land that is the subject of this application is in Land Use Capability class 6 (approximately 309 ha) which is generally considered more suitable for forestry.