| Decision | Consent granted Section 12(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 4 April 2025 |
| Pathway | Sensitive land - Farm land benefit test |
| Investment | Acquisition of a freehold interest in approximately 16 hectares of sensitive land at 290 Thornton Road, Cambridge |
| Consideration | $5,300,000 |
| Applicant | Chi Hang (Ross) Lao, Benjamin Wayne Foote, Hing Fai (Andy) Lau, and Andrew Shiu Shan Chan Australia 70% New Zealand 30% |
| Vendors | Bruce Harvey and Maureen Harvey as partners of Ascot Farm Partnership New Zealand 100% |
| Background | The Applicants are individuals with existing working relationships in the New Zealand thoroughbred horse racing industry. The land is currently used for spelling horses (resting between races). The Applicants intend to operate a thoroughbred racehorse training and spelling facility on the land. The main benefits to New Zealand are likely to include export receipts, increased productivity, job creation, and capital expenditure. The investment will also advance the Government’s policy of improving New Zealand’s horse racing industry contribution which is a proposed outcome of the Government’s Racing Industry Amendment Bill. Consent was granted as the Applicants have met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Susie Kilty Buddle Findlay (Wellington) PO Box 2694 WELLINGTON 6140 |
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