CAFCA - Campaign Against Foreign Control of Aotearoa

Foreign investment in Aotearoa/New Zealand

Overseas Investment Office - March 2016 Decisions

Chinese Sell Q & Farmers Card To The Aussies

A busy month at the OIO with a number of significant decisions. Firstly, FlexiGroup (New Zealand) Limited), Australian Public (94%), and other Investors, Various (6%), received approval for the acquisition of rights or interests in up to 100% of the shares of Fisher & Paykel Finance Holdings Limited, the consideration of which exceeds $100m. The vendor was AF Investments Limited, Haier Group Corporation, China, People's Republic of (100%); the consideration was $315,000,000.

The OIO states: "Fisher & Paykel Finance Holdings Limited and its subsidiaries provide credit and insurance products to consumers and businesses in New Zealand, specialising in providing point of sale credit to customers through a variety of finance products (such as Q Card and the Farmers Finance Card) and also providing on call and term deposits to the public in New Zealand".

"The Applicant is the New Zealand operating company of FlexiGroup Limited, an Australian listed company that provides various financial products and services including consumer and commercial leasing, mobile and broadband financing, and interest free finance. The Applicant considers that the Investment will strengthen the Applicant's ability to provide competitive financing solutions to their respective customers and presents an opportunity for FlexiGroup to grow its presence in the New Zealand market, improving geographic and product diversity for its shareholders". F&P Finance provides consumer credit products including the Q card and a credit card associated with Farmers, along with business finance. See our October 2012 commentary for details of Haier's original purchase of Fisher & Paykel.

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Wellington Buildings To Be Offered To Investors

Vinta Investments (NZ) Limited and Vinta Property Investment Nominees No 1 Limited, Australian Public (100%), received approval for the acquisition of property in New Zealand used in carrying on business in New Zealand (the "Properties") for consideration exceeding $100 million, the Properties being at 33 Bowen Street, 110 Featherston Street and 13-27 Manners Street, Wellington.

The vendor was Talavera Property Group Limited, Talavera Property Pty Limited, Australia (100%); consideration was stated to be "approximately $114,000,000, subject to adjustment in accordance with the sale documentation". The OIO states: "The Applicants are in the business of property investment and wish to enter the business of funds management. The Properties are being transferred into a newly established unit fund; the consideration for the Properties will be financed in part through the raising of funds from qualifying wholesale investors". According to Vinta, it will take a multi-channel distribution approach to make the fund available to a wide range of investors, from high net worth individuals to institutions such as charities, community trusts, KiwiSaver schemes and iwi.

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Blakely Adds To Forestry Portfolio

Blakely Pacific Limited as trustee of the South Blakely Trust, Eddy Family, United States of America (100%), received approval for the acquisition of a freehold interest in approximately 329.5 hectares of land at Baghdad Road, Hampden ("the Land"). The vendors were Forests Otago Limited (owner of approximately 83.3 hectares of Land), Trustees Executors, as trustee for the beneficial owner, the Hampden Forest Partnership (owner of approximately 156.7 hectares of Land) and Trustees Executors, as trustee for the beneficial owner, the Moeraki Forest Partnership (owner of approximately 89.5 hectares of Land), New Zealand (100%); "consideration was $3,492,692".

The OIO states: "The Applicant is acquiring the Land for inclusion in its New Zealand forestry portfolio and as part of its longer-term goal to increase its overall annual harvest in New Zealand. The Land is currently planted in Pinus Radiata and directly borders one of Blakely's existing commercial forests (known as Trotters Forest). The Applicant will operate the Land in conjunction with Trotters Forest and its other nearby forests which will result in a more efficient and productive forestry operation, particularly by the Applicant utilising its existing harvesting infrastructure and supply arrangements in the region".

"The Applicant also proposes environmental initiatives and improved walking access to both the Land and to the adjoining Pigeon Bush Scenic Reserve, which is administered by the Department of Conservation". Blakely has been a regular OIO applicant for land for forestry purchases for the past 16 years. See our May 1995 commentary for details of Blakely's original purchase the 2,009 hectare Pentland Hills Station Ltd at Waimate and a further 78 hectares added in August 2010. Other purchases include the 2,000 hectare Saddle Peak Station in March 2007 and 3,689 hectares in Waimate in April 2003. In July 2013 it bought another 228 hectares in Whakatane.

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Chinese Buy 3,551 Hectare Guide Hill Station

Blue Lake Investment (NZ) Limited, Hong Kong (SAR) (100%), received approval for the acquisition of a freehold interest in approximately 3,551 hectares of land at Braemar Road, Lake Tekapo (Guide Hill Station). The vendor was Guide Hill Station Limited David & Marion Gould, NZ (100%); consideration was $16,500,000. The OIO states: "The Applicant intends to continue to run and improve the current farming operation on Guide Hill Station in conjunction with the Vendor family".

"In addition, the Applicant intends to further develop Guide Hill Station for tourism (through new accommodation and other visitor facilities) and for academic research (a new crop research facility operated in conjunction with Lincoln University) at a total cost of $5.6 million. The Applicant also intends to donate $410,000 to three community organisations over three years (being Lincoln University, the A2O cycleway and the Mackenzie Trust." More blankets and beads for the natives. Ed).

Daisy Hudson in the Timaru Herald reported (1/5/16). "A boutique guest lodge and wedding chapel are expected to be part of a $5.6 million tourism development in the Mackenzie District. The Overseas Investment Office (OIO) recently granted Hong Kong-based investors approval to buy and develop Guide Hill Station for $16.5 million. An additional $5.6 million will be spent on a tourism development and research centre on the Station".

"The investors, under the company name Blue Lake Investment NZ, applied to the OIO to take on the 3,551-hectare property which is between Lake Pukaki and Lake Tekapo township. Queenstown lawyer Graeme Todd is acting for the investors. He said they were looking to establish a guest lodge on the property that could cater for about 12 people at a time. 'It's pretty small, we're talking a boutique lodge', he said. With the Station's 'incredible' views of Mt Cook and Lake Pukaki, the idea of constructing a wedding chapel had also been floated. That would 'take a bit of pressure off' the Church of the Good Shepherd in Tekapo, he said".

"The tourism boom in the Mackenzie District has led to complaints about rubbish dumping, defecation, and disrespectful behaviour at the church over the summer as visitor numbers skyrocketed. The specific cost and timeframe of each project was still to be worked through, Todd said. The investors will donate $410,000 to three community organisations, Lincoln University, the Alps 2 Ocean cycleway and the Mackenzie Trust. The cycleway runs along the bottom edge of Guide Hill Station".

"Todd said the investors had an interest in the work being started under the Mackenzie Agreement and moves to look at alternative land uses in the Mackenzie Basin. The Mackenzie Agreement Project Manager, Guy Salmon, said he respected that there were people concerned about overseas ownership of farmland, but for him, the key issue was getting the land use right. 'That is where the Mackenzie Trust can make a huge difference, by negotiating with willing farmers to share the costs of preserving and restoring special habitats and landscapes in the Mackenzie Basin. In this case the Trust is getting a contribution to its work which would not have been required if the property had been purchased by a New Zealand resident'".

"Lincoln University Business Development Manager, Dr Sam Yu, said the sponsorship would be put towards the School of Landscape Architecture, as well as scholarships. The sponsorship would be 'really helpful' for the students, Yu said. The investors plan to buy the property from local owners, David and Marion Gould, whose family have farmed it for nearly 50 years. The Braemar Road property runs merino sheep and cattle and has views of Lake Tekapo and Mount Cook".

"Hong Kong's Blue Lake Investment, headed by Peter Lee, of Hong Kong, and Sek Yin Li of Texas, United States, said in their OIO bid they intended to run and improve the farm alongside the Goulds. Lee joined the Henderson Land Group, one of Hong Kong's largest property developers, in 1985. He is also Vice-Chairman of Henderson Investment Ltd, as well as a non-executive director of the Hong Kong and China Gas Company Ltd and The Bank of East Asia. Todd said Lee and his family were keen skiers, and the proximity to local ski fields was part of the station's appeal".

"The OIO approved the deal on the basis that it would create jobs and boost exports, and lead to added development investment. The sale met the Office's criteria on native plants and animals, and public walking access. Settlement would take place on June 1 and the ongoing management and development of the station would result in 'a number' of new permanent and part-time employment opportunities".

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Overseas Backers For Christchurch Adventure Park

Leisure Investments NZ Limited Partnership, various New Zealand Individuals, New Zealand (32.96%), Fiona Sutton, United Kingdom (21%), Christchurch City Council, New Zealand (14.3%), Jianping Wang, China, People's Republic of (14.3%), various overseas persons (8.6%), Jeremy Charles Fry, Canada (4.5%) and Philippa Mary Fry, Canada, (4.5%) received approval for the acquisition of:
- a leasehold interest in 358 hectares of land at 225 & 365 Worsleys Rd, Christchurch; and
- a freehold interest in 358 hectares of land at 225 & 365 Worsleys Rd, Christchurch.

The vendor was McVicar Holdings Limited, Gary Neil McVicar, New Zealand (100%); consideration was $10,687,410 for the rental payments and $10,000,000 for the freehold. The OIO states: "The Applicant is leasing the Land, with an option to purchase. The Applicant will develop what will be the largest downhill mountain bike and adventure park in the Southern Hemisphere. The Investment is likely to result in the creation of numerous jobs and the introduction into New Zealand of considerable investment for development purposes".

Tina Law at the Press reported further (2/5/16). "A $20 million investment in an adventure park on Christchurch's Port Hills has gained Overseas Investment Office (OIO) approval. The park, the biggest of its kind in the Southern Hemisphere, would provide 'substantial and identifiable benefit to New Zealand', through additional jobs and the introduction of considerable development investment, the OIO Decision said. Work began on the park in March, the day after the OIO decision was made; however, the determination has only just been made public".

"The Decision shows 52.85% of the development was being funded by overseas interests. The remaining 47.15% was from within New Zealand, including Christchurch City Council, which held a 14.29% stake in the development, after contributing $2m to the project. Various New Zealand individuals, who were not named, made up 32.86% of investors. Fiona Sutton, founder and Chairwoman of Select Evolution, the Canadian company developing the park, has a 21% stake. Jianping Wang, of Beijing-based development and construction company Huadu​ International Group, has a 14.28% interest, after contributing $2m through New Urban Group. Jeremy and Philippa Fry, of Canada, each have a 4.5% investment and 'various overseas persons' make up the remaining 8.57%, according to the OIO".

"The park, located on 358 hectares of forested land between Dyers Pass, Worsleys and Summit Roads, would include more than 100 kilometres of downhill mountain bike routes, a 1.8km chairlift that would take people up 435 vertical metres, 2km of zip lines through the forest, rock climbing, and a cafe bar seating up to 180 people. Construction of five lodges, and 14 cottages accommodating 252 people and a mountain coaster, would be built within two or three years, during stage two. The park, which was expected to open in December, would employ 120 full-time and part-time workers".

"OIO Group Manager, Annelies McClure, said Leisure Investments NZ Ltd Partnership, had been granted consent to lease the 358ha. The lease was expected to cost $10.6m over the 50-year lease term. OIO also granted the company consent to purchase the land at a cost of $10m. Work on the park was on track, following favourable weather conditions, a Christchurch Adventure Park spokeswoman said".

"The lift line up the hill has been cleared and trail builders have been marking out the high speed and coaching trails. The diggers were about to start digging out those trails. The access road has been upgraded and the area which would house the main base has been cleared. Groundwork for the towers was expected to start this month. The towers were being manufactured in Austria and were expected to be erected in September".

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Americans Buy Recall

Iron Mountain Acquisition Holdings Pty Limited, United States Public (92.7%), various overseas persons (2.7%), United Kingdom Public (2.3%), Japanese Public (1.2%) and Norway Public (1.1%), received approval for the acquisition of rights or interests in up to 100% of the shares of Recall Holdings Limited, which indirectly owns or controls a leasehold interest in 3.6 hectares of land at 68 Jamaica Drive, Grenada, Wellington, through its wholly owned subsidiary, Recall New Zealand Limited.

The vendors were existing shareholders of Recall Holdings Limited, Australian Public (99.3%), United Kingdom Public (0.4%), New Zealand Public (0.2%), various overseas persons (0.08%) and United States Public (0.06%); Consideration was $21,953,000. The OIO states: "Iron Mountain views the Investment as an attractive opportunity to expand its global operations and customer base. It envisages that, through its acquisition of Recall, it will gain a more established footprint in growing economies in South-East Asia and South America". This is part of a larger global deal in the information management and storage sector.

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Aussie Private Equity Buys Into The Foreign Student Market

Global Academic Group Limited, which is wholly owned by certain overseas investment funds managed and/or advised by Pacific Equity Partners Pty Limited (PEP), an Australian incorporated private equity fund manager, and PEP's affiliates, received approval for the acquisition of rights or interests in 100% of the shares in Academic Colleges Group Limited (ACG) which owns or controls:

  • a freehold interest in approximately 0.6 hectares of land at 345 Queen Street, Auckland;
  • a freehold interest in approximately 2.9 hectares of land at 6 Waipareira Avenue, Henderson, Auckland;
  • a freehold interest in approximately 14.5 hectares of land at 50 Hayfield Way, Karaka, South Auckland; and
  • a freehold interest in approximately 14.8 hectares of land at 6 Keenan Road, Pyes Pa, Tauranga.

An overseas investment in significant business assets, as the total value of the consideration to be provided by the Applicant, and the value of the New Zealand assets of ACG and its 25% or more subsidiaries, is greater than $100m.

The vendors were existing shareholders in Academic Colleges Group Limited, New Zealand Public (93.6%), British Virgin Islands Public (4.2%), Taiwanese Public (1.9%), Jersey Public (0.2%) and United Kingdom Public (0.1%); consideration was "withheld under s(9)(2)(b)(ii) of the Official Information Act". The OIO states: "The Applicant is a special purpose company incorporated in New Zealand for the purpose of making the Investment."

"Academic Colleges Group Limited (ACG) is a leading private provider of educational services throughout New Zealand and in Asia, offering programmes across a range of student levels, from early childhood to tertiary and careers education, as well as English language and university foundation courses. The Applicant's strategy is to expand the size and profitability of the ACG group both in New Zealand and offshore, and has committed to investing capital for development purposes to achieve this".

"The Applicant plans to create new job opportunities in New Zealand, including in its international division, which focuses on promoting the growth of international student numbers at ACG. This is likely to increase export receipts through provision of education services to international students in New Zealand, consistent with the New Zealand government's Leadership Statement for International Education. The Applicant has also committed to consult with the Department of Conservation and Heritage New Zealand to ensure that its activities are consistent with the protection of protection of indigenous vegetation and fauna and heritage listed buildings present on certain of its school sites".

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Chinese Buy Biomedicals

Valiant Co Limited, China Public (49.2%), CECEP Shandong Investment & Development Corporation, China, People's Republic of (22%), Luyin Investment Group Co. Ltd, China, People's Republic of (12%), China Energy Conservation and Environmental Protection Group (CECEP), China, People's Republic of (6.6%), Yantai Supply and Marketing Cooperative, China, People's Republic of (6.1%) and Luyin Technology Investment Co Ltd, China, People's Republic of (4.2%) received approval for the acquisition of rights or interests in 100% of the shares of MP Biomedicals LLC, which owns or controls a leasehold interest in 0.5 hectares of land at 37-39 Waipareira Avenue, Henderson, Auckland.

The vendor was MP Biomedicals Holdings LLC, United States of America (100%): consideration was $NZ211,200,000 or the equivalent of $US142.5 million and subject to adjustments at closing of the transaction (being the consideration relating to the entire international transaction – the amount attributable to the New Zealand aspect of the international transaction is significantly less than $NZ 100 million).

The OIO states: "The Applicant intends to acquire MP Biomedicals LLC, ultimate shareholder of MP Biomedicals New Zealand Limited. MP Biomedicals New Zealand Limited has gained an international reputation in providing bovine plasma proteins that are manufactured under CGMP and ISO 9001 conditions. These proteins are used in the bio-pharmaceutical and diagnostic industries because of their high purity and intact proteins".

"The Applicant wishes to diversify its products and markets and believes that it will achieve this through the Investment. The Applicant intends to enter the bio-medicals and pharmaceuticals market in countries outside of China, while supporting its market and business operations in China". MP Biomedicals supplies life science and diagnostic products. It also has operations in Europe, Asia and Australia. Valiant develops, manufactures and sells chemical products, including liquid crystal materials. MP Biomedicals' founder and owner, Milan Panic, is a former Yugoslavian Prime Minister.

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Another NZ Pharmaceutical Company Sold

Elviti Finance Limited, Australian Public (27%), New Zealand Public (25%), United States Public (14%), Canadian Public (11%) and various overseas persons (23%), received approval for the acquisition of rights or interests in 100% of the shares of NZP Holdings Limited, which owns or controls a freehold interest in approximately 13ha of land at 68 Weld Street, Palmerston North.

Approval was also received for an overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of NZP Holdings Limited, the consideration of which exceeds $100m. The vendors were existing shareholders of NZP Holdings Limited, New Zealand Public (91.13%), Japanese Public (8.85%) and Australian Public (0.02%); consideration was "withheld under s(9)(2)(b)(ii) of the Official Information Act".

The OIO states: "The Applicant intends to partner with existing management to grow NZP Holdings Limited's position as a leader in the pharmaceutical sector, through investing in manufacturing infrastructure and staff to facilitate business growth". Paul McBeth at Scoop reported (11/4/16): "New Zealand Pharmaceuticals, which manufactures specialty chemicals, has got a $49.6 million injection from its new controlling shareholder, Australian private equity firm Archer Capital".

"Last week local private equity firm Direct Capital completed the sale of its 51% stake in Palmerston North-based NZP for an undisclosed sum to Archer, saying it had been 'very successful' for its investors. While the price wasn't disclosed, Australian newspapers had previously reported it as being in the realm of $200 million. Since Direct Capital first invested in 2005, the pharmaceutical products maker has invested in research and development capability, including the acquisition of Dextra Laboratories in the UK, and manufacturing facilities to expand its capacity".

"Documents lodged with the Companies Office show NZP issued 6.9 million new shares at $7 apiece on March 31, lifting the total to 36.3 million and valuing the company at $254 million. Archer entities own about 73% of NZP's new holding company, Elviti Holdings, with senior management including Chief Executive Andy Lewis and directors Richard Garland and Barry Old. Archer's focus for NZP is on organic growth based on 'robust underlying demand drivers together with new product R&D', the Australian firm's Website said. Last year, the Australian private equity firm bought a group of training organisations under the umbrella of Aspire2 Group. NZP is the world's second-biggest manufacturer of cholic acid, a key ingredient for liver treatments, and the bulk of the firm's revenue is derived from export markets".

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Brazilians Take Controlling Stake In Dunedin�s Scott Technology

JBS Australia Pty Limited, Brazil Public (100%), received approval for an overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Scott Technology Limited ("Scott"), which owns or controls a freehold interest in 3.1 hectares of land at 630 Kaikorai Valley Road, Dunedin. Approval was also received for an overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Scott, the value of Scott and its 25% or more subsidiaries being greater than $100 million.

The vendors were existing shareholders in Scott Technology Limited, New Zealand Public (98.27%), United States Public (0.03%), Australian Public (1.14%), various overseas persons (0.30%) and Canada Public (0.26%); consideration was stated at approximately $52,000,000. The OIO states: "The Applicant sought to effect a scheme of arrangement (as approved by Scott's shareholders) with Scott to acquire 50.1% of Scott's issued share capital ("Investment"), while also introducing new capital to Scott and allowing a reinvestment opportunity for existing shareholders".

"Scott is a New Zealand based NZX-listed technology company that specialises in the design and manufacture of automated production and process machinery. The Investment is intended to provide liquidity to existing Scott shareholders, to reduce Scott's debt following its recent business acquisitions and to provide working capital to fund Scott's growth aspirations".

Simon Hartley at the Otago Daily Times, backgrounded this approval (27/11/15): "Shareholders have handed control of 102-year-old specialist Dunedin engineering firm Scott Technology to global food giant JBS. Under the scheme of arrangement approved at Scott's special meeting yesterday, JBS can now move to a 50.1% controlling stake. It already had 22.2% of the company before the announcement. After the vote, Scott announced more than $26 million in forward orders, the bulk of which was $15 million for its Dunedin-based meat robotics division".

"With the JBS capital injection, expansion in Dunedin is now high on the management's agenda, and with a second share tranche taking JBS to 50.1%, Scott could, in theory, get up to $45 million in new capital. In what is probably more of an anomaly than a hurdle, JBS Australia taking a controlling stake in Scott requires Overseas Investment Office approval because the Kaikorai Stream runs through Scott's Kaikorai Valley property, making the acquisition a ''sensitive land' purchase by a foreign company".

"Scott Chairman, Stuart McLauchlan, said Scott considered subdividing the land/stream from the site, but had been advised that could be deemed 'avoidance' by the OIO and a prosecution could follow. 'I believe it (approval) will be a formality', he said. The special meeting at Scott's attracted 67 people and passed the recommendation proposed by Scott's board. Mr McLauchlan, asked by a shareholder why Scott had amassed debt, said that after the purchase of two companies in Australia and the US last year, it needed capital to repay its bankers".

"Total debt at October stood at $24.9 million, including $13.2 million for the Australian acquisition and $6.23 million for the US one. He believed it was a 'hard task' to request that level of capital from shareholders. The Board had started looking for a cornerstone shareholder, and JBS was already a Scott customer. JBS had a global turnover of $US55 billion-$US60 billion and, having invested in 50 complementary companies during the past decade and holding a dominant position in the world's protein sector, it offered Scott the opportunity 'to scale up' its manufacturing output".

"JBS Australia, whose parent is JBS Brazil, accounts for 40% of Australian red meat processing. Mr McLaughlan said the next step was to 'meet the challenge of expansion', while Chief Executive, Chris Hopkins, said he 'wanted to double or quadruple' Scott's capacity in the future. 'The objective (of the JBS offer) is to provide capital to the company'. Mr Hopkins said. The special meeting attracted shareholder questions, especially about JBS' long-term intent and whether it would dominate Scott's work, move the head office, or take its own 50.1% stake to a 100% takeover and delist it".

"Mr McLauchlan noted that it was not in JBS' interests to move or delist the company, as JBS wanted Scott's technology for some of its 300 processing plants. It would help boost growth but would not compromise development because future profits could also be made from selling to competitors. Another shareholder asked whether the 'series of promises' by JBS about Scott's security in Dunedin were regarded by Scott's board as 'assumptions' or 'gentlemen's agreements'".

"Mr McLauchlan said: 'For JBS to limit our activities would not achieve their objectives'. Another shareholder was concerned the $1.39 offer price was too low, saying valuations for some Scott divisions or subsidiaries were based on earnings but they had so far booked 'nil' annual earnings. Mr McLauchlan replied that Scott developed intellectual property patents but, if it did not diversify and do research and development, it would never, later, generate earnings. 'Due to our diversification over the past few years, we are better positioned to ride out the downturns in any segments we operate in', Mr McLauchlan told shareholders during the annual meeting".

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Chinese Buy 1,192 Hectare Stockerau Station

Emna Erma Holdings Limited, Emmanuel Roger Denis, China, People's Republic of (50%), and Nancy Ning Chu Sun, China, People's Republic of (50%), received approval for the acquisition of a freehold interest in approximately 1,192 hectares of land at Stockerau Station, 810 Herepuru Road, Whakatane. The vendor was Stockerau Station Limited, Erika Emma Fransen, John Lawrence Fransen, and Diprose Miller Trustees 2013 Limited, New Zealand (46.3%), Ivan John Fransen, New Zealand (37.6%) and Deborah Ruth Fransen, New Zealand (16.1%); consideration was $8,500,000. The OIO states: "The Applicant plans to develop the Land progressively to increase the productivity and profitability of the existing sheep farm. The Investment is likely to result in a number of benefits; including new jobs, greater efficiency and productivity, and significant investment for development purposes as pasture and infrastructure is upgraded".

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Chinese-Owned Childcare Facility For Silverdale

Hongying Xie, China, People's Republic of (100%), received approval for the acquisition of a freehold interest in 5.3 hectares of land at 1570 Dairy Flat Highway, Silverdale, Auckland. The vendors were Ngiik Bing Yong, Chit Wing Or, Zhi Wen He and Irving Teoh, New Zealand (100%): consideration was $4,500,000. The OIO states: "The Applicant is intending to move to New Zealand to reside permanently with her family over the next few years".

"She intends to acquire the land in order to develop a new, purpose-built early childcare facility on the Land that will cater for approximately 125 children. The Applicant has extensive experience in the childcare/education industry in China. The new, purpose-built early childcare facility will result in the creation of new job opportunities and the introduction of investment capital for development purposes".

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Other March Decisions

Michael Robert Stone, United States of America (100%), received approval for the acquisition of a freehold interest in approximately 124.3 hectares of land at Eggers Road, Upper Moutere, Nelson. The vendors were Bruce James Eggers, Nigel Alexander McFadden and John Noel Murray as Trustees of the BJ Eggers Family Trust and Bruce James Eggers, New Zealand (100%); consideration was $9,875,000. The OIO states: "The Applicant plans to further develop the hop farm on the land, in order to increase the quantity of hops produced from it and to increase exports through his pre-existing relationships in the United States craft beer industry".

Changda International New Zealand Limited, China Public (42%), Chuanqing Wang, China, People's Republic of (18%), Pengqiang Xu, China, People's Republic of (12%), Jinxing Xue, China, People's Republic of (10%), Jiuzhou Zhu, China, People's Republic of (6%), Ying Wang, China, People's Republic of (4%), Chuanxiao Wang, China, People's Republic of (2%), Youming Yang, China, People's Republic of (2%), Lijie Qu, China, People's Republic of (2%) and Zhigang Xue, China, People's Republic of (2%), received approval for the acquisition of a freehold interest in one hectare of land at 44 Sunnyheights Road, Orewa.

The vendor was Nan Zhang Australia (100%); consideration was $2,800,000. The OIO states: "The Applicant will use the Land to complement and support its development of residential housing at Sunnyheights Road, Orewa, Auckland. The Applicant intends to subdivide the Land into between 15 to 20 residential lots". See our June 2014 and December 2015 commentaries for details of Changda's original purchase here.

Matai Pacific Limited, United Kingdom Public (65%) and New Zealand Public (35%), received approval for the acquisition of a freehold interest in approximately 14.4 hectares of land at Waimea Drive, Te Puke. The vendors were Jean Lilian Robertson & FL Trustees 2011 Limited & Robert John Linton, New Zealand (100%), and James Thomas Robertson & Lloyd David Higgins, New Zealand (100%); consideration was $1,250,000.

The OIO states: "The Applicant currently has interests in three kiwifruit orchards, two located at Pongakawa and one at Te Puke. The Applicant intends to develop the land at Waimea Drive, Te Puke, into a productive 10.02 canopy hectare kiwifruit orchard (3.01 canopy hectares of G3 SunGold kiwifruit and 7.01 canopy hectares of Hayward Green kiwifruit)". See our commentaries for December 2001, August 2005, March 2007, November 2008 and November 2009 for details of previous purchases here by this investor.

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