| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 29 March 2018 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 0.2302 hectares of land at 259 Beach Road, Campbells Bay, Auckland. |
| Consideration | $4,300,000 |
| Applicant | Foreland Limited China, People's Republic of (100%) |
| Vendor | Wei Wu China, People's Republic of (100%) |
| Background | Qiu Cheng, a Chinese citizen is the sole shareholder of the Applicant. As part of his investment plan for his Investor Plus resident visa, Mr Cheng proposes to acquire the land and build up to 4 houses for both his family residence and commercial purposes. Mr Cheng has satisfied the OIO that he intends to obtain New Zealand residency and reside in New Zealand indefinitely. Overseas persons intending to reside in New Zealand indefinitely are not required to show that their investment in sensitive land is likely to benefit New Zealand. This supports migrants in the process of moving to New Zealand to make New Zealand their home. |
| More information | Puhan Zheng Northern Legal Lawyers P O Box 35 770 Browns Bay 0753 |