Schedule of deletions in terms of section 17 of the Official Information Act 1982 and under the provisions of sections 9(2)(a) and/or 9(2)(b)(ii) and/or 9(2)(ba)(i) of that Act.

Case No.

201620096

201710139

201720043

201720100

201720132

201810007

 

Statistical information on Overseas Investment Office decisions for 2018 Year to Date

The following statistical information shows consents granted or declined by the Overseas Investment Office for the sale of sensitive New Zealand land and significant business assets to overseas persons.  It does not necessarily indicate that a sale has taken place or will take place. 

Value of investments to New Zealand

The table below shows the net dollar investment value to New Zealand and gross value of consideration of consents granted to overseas persons for the 2018 calendar year to date and for the same time period in the preceding year. 

 

January - May 2018

January - May 2017

Number of approvals3441
Net investment $1,394,053,6841,307,068,423
Gross value of consideration2,148,931,6504,636,077,118
Asset value630,000,0002,190,000,000

In terms of net investment, the three largest approvals by the Overseas Investment Office in 2018 to date, that can be disclosed were for:

  • Lee Bell Inc’s proposed acquisition of up to 100% of the shares of Icebreaker Holdings Limited – a “net” investment of $272,131,200; and
  • Waste Management NZ Limited’s proposed acquisition of a leasehold interest in 5.2452 hectares of land situated at 11 Springs Road, East Tamaki, Auckland – a “net” investment of $254,734,992; and
  • CP Auckland LP’s proposed acquisition of a freehold interest in approximately 6.2272 hectares of non-sensitive land comprising Central Park, located at 666 Great South Road, Greenlane, Auckland, together with improvements thereon – a net investment of $140,866,000.

Total land area approved for sale to overseas persons  

The tables below show the net area of land (in hectares) for which consent was granted to overseas persons for the 2018 calendar year to date and for the same time period in the preceding year. 

Freehold land approved for sale

 

January - May 2018

January - May 2017

Number of approvals2120
Net land area (ha)[1]2,32811,396

In terms of “net” freehold land areas, the three largest approvals by the Overseas Investment Office in 2018 to date that can be disclosed was for:

  • Te Hau Station Limited’s proposed acquisition of a “net” land area of 1,667.0525 hectares of freehold land situated at Waipaoa Station, Gisborne; and
  • Wairarapa Estate Limited’s proposed acquisition of a “net” land area of 156.3995 hectares of freehold land situated at 1094 Glenross Road, Waiwhare, Hawkes Bay; and
  • Huimei Investment (NZ) Pty Limited’s proposed acquisition of a “net” land area of 206.7277 hectares of freehold land situated at Tumbledown Bay Road, Port Underwood, Marlborough.

Other interests in land approved for sale (for example leases and crown pastoral leases)

 

January - May 2018

January - May 2017

Number of approvals411
Net land area (ha)[2]810,807

In terms of “net” other interest land areas, the three largest approvals by the Overseas Investment Office in 2018 to date that can be disclosed was for:

  • Waste Management NZ Limited’s proposed acquisition of a “net” land area of 3.6823 hectares of leasehold land situated at 11 Springs Road, East Tamaki, Auckland; and
  • Fletcher Distribution Limited’s proposed acquisition of a “net” land area of 1.8108 hectares of leasehold land situated at 53-55 McLaughlins Road, Wiri, Auckland; and
  • Delaware North Companies (NZ) Retail Services’s proposed acquisition of a “net” land area of 1.3492 hectares of leasehold land situated at 32-48 Hamilton Road, Queenstown.

Summary of Approved Investments by Country

In terms of net investment the table below shows the top 5 countries involved in approvals by the OIO for the 2018 calendar year to date that can be disclosed.

Country

Net Investment $

China390,765,293
Hong Kong297,006,706
United States157,442,839
Canada133,272,000
Switzerland108,403,521

In terms of net freehold land area the table below shows the top 5 countries involved in approvals by the OIO for the 2018 calendar year to date that can be disclosed.

Country

Net Freehold Land Area (ha)

China204
United States98
Japan93
Hong Kong77
Netherland50

Applications declined

The table below shows investments for which consent was declined for the 2018 calendar year to date and for the same time period in the preceding year.

 

January - May 2018

January - May 2017

Number of declines10
Total proposed area to be acquired (ha)110

The low level of applications declined is due to the following factors:

  • Applicants seek professional advice, and engage with the OIO, before submitting an application for consent.  They do not normally submit applications, and incur the associated costs, if they are unlikely to meet the criteria and factors test in the legislation. 
  • The OIO’s pre-acceptance quality assurance check results in around 25 percent of applications being rejected at the outset. 
  • The OIO advises applicants if it intends to decline (or recommend decline) their application. Applicants often withdraw their application rather than have it declined. 

These processes shows the rigor of the assessment process but is not reflected in the application declined figures. 

 

For more information contact:

Overseas Investment Office

Land Information New Zealand

Ph:  04 462 4490

oio @linz.govt.nz

 

 

Terms and Definitions

Net investment dollars

“Net investment dollars” represent the total dollar value invested in New Zealand . For example, if a New Zealander sells a $100 million business to an Australian then the whole $100 million is added to the net investment total. However, if for instance the New Zealand asset was 100% Japanese owned, then $0 would be added to the net investment total. Thus, the net change in ownership of New Zealand assets is captured in the "total" net investment figure.

Gross value of consideration

“Gross value of consideration” represents the total consideration including GST (if any) to be paid for the acquisition of the assets, or the value attributed to those assets, under consents granted during the relevant period.  The “gross value of consideration” figure for November includes consideration paid by New Zealanders (for example, an acquisition of a business by a New Zealand/Australian joint venture), and will not reflect the net change in ownership of New Zealand assets.

Consideration

The reference to “consideration” refers to the amount proposed to be paid for the acquisition by the purchaser.

Asset value

“Asset value” refers to the value of assets of the person being acquired (or the person being acquired and its 25% or more subsidiaries).

Net hectares

"Net hectares" represents the total land area proposed to be transferred into foreign ownership under consents granted during the relevant period.  For example, if a New Zealander sells 10 hectares to someone from overseas, the whole 10 hectares is shown.  However, if the seller was a company that was 50% New Zealand owned and 50% foreign owned then only five hectares would show in that column. Five hectares represents the "net" change in foreign ownership of New Zealand land.

Gross hectares

“Gross hectares” represents the total land area proposed to be acquired under consents granted during the relevant period.  The figure will include land that is proposed to be acquired by New Zealand interests as well as overseas interests (for example, under a New Zealand/Australian joint venture).

 

[1] The Gross land area was 3,337 ha in 2018 and  12,119 ha in 2017

[2] The Gross land area was 10 ha in 2018 and 10,833 ha in 2017

Last Updated: 29 June 2018