| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 16 November 2021 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand - S&I) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 32.8099 hectares of land at located at 37 Woodbank Road, Hanmer Springs, Hurunui District |
| Consideration | $3,000,000 |
| Applicant | Grand Equity Investment NZ Limited China (100%) |
| Vendor | Macquarrie Holdings Limited New Zealand (100%) |
| Background | The Applicant is a New Zealand company that (along with its subsidiaries) undertakes large residential development projects in New Zealand. The Land is currently used for cattle and deer grazing. The Applicant intends to develop residential sections on the Land which will be sold for housing development, and to build a business park on the remainder of the Land which will either be retained and leased, or sold as commercial premises. The investment is likely to result in the creation of full-time equivalent jobs (relating to planning, subdivision, and construction work), additional investment (to complete the development), and added market competition (in the local housing and business market). Consent was granted to the investment because the benefit likely to occur as a result of the investment was considered to be substantial and identifiable. |
| More information | Tessa Baker Chapman Tripp PO Box 2206 Auckland 1140 |