DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date23 March 2015
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 2.5 hectares of land located at Whatuwhiwhi Road, Karikari Peninsula (Whatuwhiwhi Top 10 Holiday Park).
Consideration$3,880,000
ApplicantCarrington Holiday Park Jade LP
Guo Jie Gui, China, People's Republic of (39%)
China Public (61%)
VendorWhatuwhiwhi Holiday Park Limited
New Zealand (100%)
Background

The Applicant intends to develop the existing accommodation business carried out on the Land by upgrading and building additional facilities. The acquisition will allow the Applicant to develop its adjoining Carrington Resort further and provide increased offerings to the tourism market. 

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was 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 productivity and efficiencies
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous vegetation/fauna

Overseas Investment Regulations 2005
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic interests

More informationBill A Sandston
Chapman Tripp
PO Box 2206
AUCKLAND 1140