Foreign investment in Aotearoa/New Zealand
Overseas Investment Office – January 2018 Decisions
Chinese Shuffle Shares Of Orewa Development
Yangpu Kelei Teer Investment Co Ltd (Jinxing Xue, PR China 88.6%; Ying Wang, PR China 7.6%; Zhigang Xue, PR China 3.8%) has consent to acquire an additional 29% of the securities of Changda International Investment Holding Co Ltd which owns 40.7259 hectares at 207 West Hoe Heights, Orewa, Auckland. The vendors are Weifang Changda Construction Group Co Ltd (China Public 70%; Pengqiang Xu, PR China 20%; Jiuzhou Zhu, PR China 10%) and Shandong Yinji Property Co Ltd (Chuanqing Wang, PR China 90%; Chuanxiao Wang, PR China 10%). Price $3.8 million.
The OIO states that Yangpu Kelei Teer Investment is currently a 20% shareholder of Changda International Investment and has entered into a share transfer agreement to acquire a further 29% from the existing shareholder, being 9% from Weifang Changda Construction and 20% from Shandong Yinji Property. Changda International Investment is developing the land at Orewa into residential sections and commercial lots.
It intends constructing dwellings on the sections or selling the sections to third party developers or home owners for development. The share acquisition is likely to enhance the on-going viability of the development by providing additional funding to complete the development. This is likely to result in additional Auckland residential housing.
See also OIO Decisions of June 2014 for Changda’s consent to purchase property on Sunny Heights Rd, and March 2016 and December 2015 for land around the corner on West Hoe Heights. This 42 hectare development known as the West Hoe Heights Special Housing Area was launched in December 2016 and is expected to be complete in August 2018, with 253 detached houses, 142 zero-lot dwellings, 93 terraced homes and 82 apartments (Jay Boreham, Stuff, 5/12/16 www.stuff.co.nz/business/property/87189868/Changda-International-launches-420-million-Sunny-Heights-development ).
This is Changda’s second project: the first was the $700m Pacific Gardens Special Housing Project, launched by Mayor Phil Goff, to build 1100 homes on 9.4 hectares built in Great South Rd, next to the motorway, Vodafone Events Centre and Vector Wero Whitewater Park Chris (Harrowell, Stuff, 1/12/16 www.stuff.co.nz/business/87083608/Changda-International-Development-leads-700m-housing-project-in-Manukau).
Changda International NZ Ltd’s NZ Website says it registered here in 2013 as a subsidiary of the Weifang Changda Construction Group, a Top 100 China competitive construction enterprise with projects in residential, commercial, industrial and infrastructure construction. Changda International Investment Holdings is registered in Weifang, Shandong, China, as a fertiliser and chemicals company. Company listings show Shandong Yinji companies dealing in stone and steel. Nothing found in English about Yangpu Kelei Teer Investments.
New Yorker Buys Waipara Vineyard
Colin David Rath (USA 100%) has consent to acquire a freehold interest in 28.7 hectares at Waipara, Canterbury, from Dancing Water Holdings Ltd (C+R Family Trust, NZ 99.8%; Clare Bisso, NZ 0.1%; Ross Trowsdale, NZ 0.1%). Price is $1.2 million. The OIO states that Colin Rath holds an entrepreneur work visa. The acquisition includes an operational vineyard and associated businesses.
The OIO is satisfied that Colin Rath intends to obtain New Zealand residency and reside in New Zealand indefinitely. Overseas persons intending to reside in New Zealand indefinitely are not required to show that their investment in sensitive land is likely to benefit New Zealand. “This supports migrants in the process of moving to New Zealand to make New Zealand their home and make a positive contribution to society”.
In 2016 Colin David Rath registered a Wanaka grape growing business with the name New York Grape Escape Ltd. Stuff writer Mark Reason describes him as having a Manhattan building scheme that collapsed, amid multiple neighbourhood objections (Stuff, 4/3/18, “New Zealand Golf Is Turning Into Little America”) and Stuff (Chris Hutching, 1/3/18) provides more on his background and arrival in NZ by yacht in 2016.
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