DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date4 December 2012
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 198 hectares of land located at Mokau Ridge Road, Puketi, Northland.
Consideration$1,090,000
ApplicantHeli Luo
China, People's Republic of (100%)
VendorTui Farms Limited
New Zealand (100%)
Background

The Applicant is purchasing the property as a commercial forestry operation. The Applicant intends to develop, harvest and replant the existing forest located on the land.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Creation of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater efficiencies and productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking Access

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(f) – Advance significant Government policy or strategy
28(i) – Economic interests

More informationAmanda Spratt
Minter Ellison Rudd Watts
PO Box 3798
AUCKLAND 1140