| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 24 February 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 40% of the of Shanghai Weiyi Investment & Management Limited Company which owns or controls a leasehold interest in 1.6917 hectares of land at 8 Parkhead Place, North Harbour, Auckland. |
| Consideration | $23,801,462 |
| Applicant | Nanjing Sinolife United Company Limited Pinghu Gui, China, People's Republic of (52.96%) China Public (24.35%) Various overseas persons (10.03%) Shanghai Fosun Capital Equity Investment Fund Partnership Enterprise, China, People's Republic of (6.78%) Yanmei Wu, China, People's Republic of (5.88%) |
| Vendor | Shanghai Fosun Weishi Tranche One Private Equity Partnership Limited China (100%) |
| Background | The Applicant currently owns 60% of the shares in Shanghai Weiyi Investment & Management Limited Company and intends to acquire a further 40% to become the sole shareholder. The Applicant intends to continue to run the business in New Zealand and to grow sales of Good Health Products Limited’s natural health products into the Chinese market. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Martin Wiseman DLA Piper PO Box 160 AUCKLAND |