OIO Decision Summaries & Statistics - November 2008

Back to Decision Summaries

The Overseas Investment Office has released the decisions and statistical information for November 2008.

Deletions

Schedule of deletions in terms of section 17 of the Official Information Act 1982 and under the provisions of sections 9(2)(a) and/or 9(2)(b)(ii) and/or 9(2)(ba)(i) of that Act.

Case Number: 200821544

Statistical information on Overseas Investment Office decisions for November 2008

The following statistical information shows consents granted or declined by the Overseas Investment Office for the sale of New Zealand land, business assets and fishing quota to overseas persons. It does not necessarily indicate that a sale has taken place or will take place. In addition, if a transaction for which consent is granted does proceed to sale, that sale will always take place after the consent has been granted. The settlement date will depend on the contractual arrangements between the vendor and the purchaser.

Value of investments to New Zealand

The table below shows the net dollar investment value to New Zealand and gross value of consideration of consents granted to overseas persons in November 2008 and for the 2008 calendar year to date.

Net investment dollars

"Net investment dollars" represent the total dollar value invested in New Zealand. For example, if a New Zealander sells a $100 million business to an Australian then the whole $100 million is added to the net investment total. However, if for instance the New Zealand asset was 100% Japanese owned, then $0 would be added to the net investment total. Thus, the net change in ownership of New Zealand assets is captured in the "total" net investment figure.

Gross value of consideration

"Gross value of consideration" represents the total consideration including GST (if any) to be paid for the acquisition of the assets, or the value attributed to those assets, under consents granted during the relevant period. The "gross value of consideration" figure for November includes consideration paid by New Zealanders (for example, an acquisition of a business by a New Zealand/Australian joint venture), and will not reflect the net change in ownership of New Zealand assets.

The reference to "consideration" in the decision sheets and in this statistical information can refer to the amount proposed to be paid for the acquisition by the purchaser, or it can refer to the value of the securities (eg shares), or the value of the assets (eg of the company).

In terms of net investment, the three largest approvals by the Overseas Investment Office in 2008 to date, that can be disclosed were for:

• Cheung Kong Infrastructure Holdings Limited's (CKI) and Hong Kong Electric Holdings Limited's (HKE) acquisition of up to 100 percent of the shares of Vector Wellington Electricity Network Limited – a "net" investment of $777,150,011.
• Haumi Development Limited Partnership's acquisition of 50 percent of the shares of Great Northern Developments Limited – a "net" investment of $126,002,995.
• Crescent Capital Partners Limited's acquisition of up to 100 percent of the shares of Abano Healthcare Group Limited – a "net" investment of $106,705,716.

Total land area approved for sale to overseas persons

The tables below show the net and gross area of land (in hectares) for which consent was granted to overseas persons in November 2008 and for the 2008 calendar year to date.

Net hectares

"Net hectares" represents the total land area proposed to be transferred into foreign ownership under consents granted during the relevant period. For example, if a New Zealander sells 10 hectares to someone from overseas, the whole 10 hectares is shown. However, if the seller was a company that was 50% New Zealand owned and 50% foreign owned then only five hectares would show in that column. Five hectares represents the "net" change in foreign ownership of New Zealand land.

Gross hectares

"Gross hectares" represents the total land area proposed to be acquired under consents granted during the relevant period. The figure will not show the seller's New Zealand ownership share (if any) (unlike the "net hectares" figure) and will include land that is proposed to be acquired by New Zealand interests as well as overseas interests (for example, under a New Zealand/Australian joint venture).

Freehold land approved for sale

In terms of "net" freehold land areas, the three largest approvals by the Overseas Investment Office in 2008 to date that can be disclosed were for:

• Phillip Maxwell Colebatch's acquisition of 2,307.1688 hectares of land situated at Te Hau Station, 209 Te Hau Road, Whatatutu, Gisborne – a "net" land area of 2,307.1688 hectares.
• Phillip Maxwell Colebatch's acquisition of 797.2307 hectares of land situated at Moanui Station, 1379 Moanui Road, Matawai, Gisborne – a "net" land area of 797.2307 hectares.
• The Ingleby Company Limited's acquisition of 1,088.7128 hectares of land situated at Owetea Station, Mata Road, Tokomaru Bay, East Cape – a "net" land area of 726.1714 hectares.

Other interests in land approved for sale (for example leases and crown pastoral leases)

In terms of "net" other interest land areas, the three largest approvals by the Overseas Investment Office in 2008 to date that can be disclosed were for:

• Ryton Station Limited's acquisition of 14,146.216 hectares of leasehold land situated at Harper Road, Lake Coleridge, Canterbury – a "net" land area of 14,146.216 hectares.
• Ryton Station Limited's acquisition of 10,403.3338 hectares of crown pastoral lease land and leasehold land, known as Glenthorne Station, situated at Harper Road, Lake Coleridge, Canterbury – a "net" land area of 10,403.3338 hectares.
• Blanca Fernandez-Rivera's acquisition of 93.8871 hectares of leasehold land situated at Blue Grey Farm, Springs Junction, Westland – a "net" land area of 93.8871 hectares.

Approvals under the Fisheries Act 1996

The table below show the net fishing quota for which consent was granted to overseas persons in November 2008 and for the 2008 calendar year to date.

Applications declined

The table below shows investments for which consent was declined in November 2008 and for the 2008 calendar year to date.

For more information contact:

Overseas Investment Office
Land Information New Zealand
Ph: 04 462 4490
Email: oio@linz.govt.nz