Section 13(1)(b) Overseas Investment Act 2005
|Decision Date||13 December 2017|
|Investment||An overseas investment in significant business assets, being the establishment of the business of holding long term commercial property (including a hotel) for investment purposes, where the expenditure required before commencing business will exceed $100 million.|
|Cost of Commencing Business||$121,900,000|
|Applicant||New Zealand ZhiXiang Investment Limited|
Wai Shing (Wilson) Wong, China, People's Republic of (80%)
Shuchao Weng, China, People's Republic of (10%)
Wenshuai Wang, China, People's Republic of (10%)
The Investment is the Applicant’s first long term commercial property project in New Zealand. The Applicant intends to acquire approximately 1.024 hectares of non-sensitive land in Queenstown and construct a hotel.
The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment.
|More information||Kellie Bright|
PO Box 2180