Applicant
Wankuan Li
Case number(s)
202100426
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision MakerOverseas Investment Office
Decision Date2 September 2021
Pathway(s)Residential land development (Increased housing - One-off purchase)
InvestmentAn overseas investment in residential (but not otherwise sensitive) land, being approximately 0.4326 hectares of freehold land at 157 Oteha Valley Road, Auckland.
Asset Value$6,200,000
ApplicantWankuan Li
China, People’s Republic of (100%)
VendorJebel Number 1 Limited
New Zealand (100%)
Background

The Applicant is an experienced civil engineer with some experience undertaking residential developments in New Zealand and overseas, and has met the investor test. 

The Applicant intends to acquire the land to construct 20 terraced houses to increase the number of residential dwellings constructed on the Land. 

We consider the investment is likely to:

  • meet 1 of the increased housing outcomes - being an increase in the number of residential dwellings constructed on the Land;
  • meet the on-sale outcome - which means that after completing the development the Applicant must on-sell all interests in the Land within 12 months of completion (by 1 March 2026);
  • meet the non-occupation outcome - which means the Applicant and certain related persons must not occupy the part of the land being used to increase housing.
More informationAlan Lear
Alan Lear, Barrister
PO Box 3705
Auckland 1140