DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date20 February 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 741 hectares of land located at Renners and Castles Road, Awatere Valley, Marlborough (Castlebrae Farm).
Consideration$12,800,000
ApplicantLing Hai Group Limited
Zongren Ling and family, China, People's Republic of (100%)
VendorGeoffrey Arnold Marfell, David Edward Marfell and Castlebrae Vineyards Limited
New Zealand (100%)
Background

The Applicant intends to acquire the land as part of its long term investment in the New Zealand wine and tourism industry. The Applicant intends to expand a vineyard located on the land, build a winery and construct new accommodation for visitors. More than half of the land will continue to be farmed for pastoral purposes.

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) – New jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Greater productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous vegetation/fauna
17(2)(e) – Walking access
17(2)(f) – Offer to gift foreshore to the Crown

Overseas Investment Regulations 2005
28(a) – Consequential benefits
28(c) – Affect image, trade or international relations
28(f) – Advance significant Government policy or strategy
28(i) – Economic interests

More informationAndrew Petersen
Bell Gully
PO Box 4199
AUCKLAND 1140