DecisionConsent granted retrospectively
Section 12(b) Overseas Investment Act 2005
Decision Date10 February 2016
InvestmentAn overseas investment in sensitive land, being the Applicant’s acquisition of rights or interests in up to 100% of the securities of Double Excel Investments Limited, which owns or controls interests in various mortgages secured over approximately 2.5477 hectares of land at Queenstown.
Consideration$80,500,000
ApplicantNew Wish Investment Limited
Rose Jiang, China, People's Republic of (50.0%)
Zhaobai Jiang, China, People's Republic of (50.0%)
VendorHongsheng Tao
China, People's Republic of (100%)
Background

This is a retrospective application which relates to the Applicant’s acquisition of interests in various mortgages secured over the Kawarau Falls development which includes the Queenstown Hilton. The owners of the property are currently in receivership.

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) – Jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(v) – Additional investment for development purposes
17(2)(e) – Walking access

Overseas Investment Regulations 2005
28(e) – Previous investments

More informationMark Nicholson
Chapman Tripp
PO Box 2206
AUCKLAND 1140
Retrospective penalty$17,500