| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 23 January 2020 |
| Pathway(s) | Sensitive land – (Intention to reside) |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 6.5830 hectares of land at 164 Fitzgerald Road, Drury. |
| Consideration | $1,930,000 |
| Applicant | Zhang Zhou Trustees Limited as Trustee for the Zhang Zhou Family Trust Jiankang Zhang, China, People's Republic of (50%) Jianming Zhou, New Zealand (50%) |
| Vendor | Kiwibank Limited The Crown, New Zealand (53%) New Zealand Superannuation Fund, New Zealand (25%) Accident Compensation Corporation (22%) |
| 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. The property was acquired in 2014, with the Zhang Zhou Family Trust (the Trust) nominated as purchaser. The property came to the attention of the OIO when Zhang Zhou Trustees Limited (ZZTL) entered into a contract to sell another property owned by the Trust to another overseas person. An investigation by the OIO found that the property was acquired without consent, along with the property that is the subject of this application. All of the individuals with control (IWC) of ZZTL have residency in New Zealand, and only one of the IWC of ZZTL was not yet ordinarily resident in New Zealand as of the application date. We are satisfied that all IWC intend to reside in New Zealand indefinitely. |
| More information | Mike Roberton Glaister Ennor PO Box 63 AUCKLAND 1140 |
| Retrospective penalty | $10,000 |