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. 

201720056

201810087

201810105

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 - August 2018

January - August 2017

Number of approvals

57

67

Net investment $

1,788,177,872

1,603,659,117

Gross value of consideration

7,268,118,903

5,439,560,732

Asset value

838,400,001

2,741,596,000

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 34% of the ordinary shares in Fisher Funds Management Limited – a “net” investment of $158.650,000.

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 - August 2018

January - August 2017

Number of approvals

31

40

Net land area (ha)[1]

6,388

15,897

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
  • Summit Forests New Zealand Limited’s proposed acquisition of a “net” land area of 1,240.6131 hectares of freehold land situated near Whanganui; and
  • The New Zealand Redwood Company’s proposed acquisition of a “net” land area of 1,147.6139 hectares of freehold land situated at 1190 Ohura Road, Matiere.

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

 

January - August 2018

January - August  2017

Number of approvals

11

15

Net land area (ha)[2]

39,540

11,749

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:

  • Southern Ranges Limited’s proposed acquisition of a “net” land area of 39,336.8818 hectares of Crown Pastoral Lease land at 2514 Mt White Road, Bealey, Canterbury; and
  • Dairy Farms NZ Limited’s proposed acquisition of a “net” land area of 149.6131 hectares of leasehold land situated at Waipuna Road, Lowcliffe, Ashburton; and
  • Cornerstone Infrastucture Group’s proposed acquisition of a “net” land area of 24.45 hectares of leasehold land situated at Settlers Road, Waikeria.

Summary of Approved Investments by Country[3]

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 $

United States

449,830,033

Hong Kong

296,174,826

Switzerland

177,707,445

Japan

100,083,406

Singapore

82,594,486

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)

Netherland

7,082

Germany

2,022

Sweden

2,002

Japan

1,333

Switzerland

745

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 - August 2018

January - August  2017

Number of declines

1

0

Total proposed area to be acquired (ha)

11

0

 

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 60,408  ha in 2018 and  19,414 ha in 2017

[2] The Gross land area was 39,739  ha in 2018 and 12,664  ha in 2017

[3] The country “Net Investment $” and “Net Freehold Land Area”(refer next page) figures represent the total dollar value invested in New Zealand and the net land area being acquired by that country during the reporting period.  For example a Japanese entity acquiring 1,000 ha for $1 million from an Australian company would result in $1 million and 1,000 ha being added to Japan’s “Net Investment $” and “Net Freehold Land Area” totals and $1 million and 1,000 ha being deducted from Australia’s totals.