| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 20 September 2019 |
| Pathway(s) | Sensitive land – intention to reside |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 4.6257 hectares of land at 45A Arana Drive Karaka, South Auckland. |
| Consideration | $4,080,000 |
| Applicant | Zhang Zhou Trustees Limited as Trustee for the Zhang Zhou Family Trust Jiankang Zhang, China, People's Republic of (50.0%) Jianming Zhou, New Zealand (50.0%) |
| Vendor | Van Tiel Poultry Limited Maureen Ann van Tiel, New Zealand (50.0% )Robert John van Tiel, New Zealand (50.0%) |
| Background | 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. This is a retrospective consent. Zhang Zhou Trustees Limited (ZZTL) acquired the Land in 2014 on trust for the Zhang Zhou Family Trust. The property initially came to the attention of the OIO when ZZTL entered into a contract to sell the land to another overseas person, as a result of an application for consent under the Act by the purchasing party in that transaction. This transaction did not settle. The OIO investigated the transaction, and confirmed that ZZTL had acquired the land without consent under the Act. All of the individuals with control (IWCs) of ZZTL have residency in New Zealand, and only one of the IWCs of ZZTL was not yet ordinarily resident in New Zealand as of the application date. We are satisfied that all IWCs intend to reside in New Zealand indefinitely. |
| More information | Mike Roberton Glaister Ennor PO Box 63 AUCKLAND 1140 |
| Retrospective penalty | $10,000 |