Property editor of the NZ Herald

New data on foreigners' NZ deals out this week

Overseas buyers spent $1.01 billion in six months on commercial properties in New Zealand.
Overseas buyers spent $1.01 billion in six months on commercial properties in New Zealand.

New information on foreigners' property and business dealings in New Zealand comes out this week.

On Thursday, the Overseas Investment Office will reveal details of all the applications it dealt with last month, including any which have been rejected.

Already this year, three big deals have been approved.

"In terms of net investment, the three largest approvals by the Overseas Investment Office in 2016 to date, that can be disclosed were for Tripod Limited's proposed acquisition of up to 100 per cent of the shares of Fastway Limited - a "net" investment of $89,460,306; and Wild Grass Limited Partnership's proposed acquisition of 24.4152 hectares of freehold land situated at Jacks Point, Queenstown - a "net" investment of $10,000,000; and Yanqiu Qian and Jie Zhang's proposed acquisition of 7.2590 hectares of freehold land at 262 Broomsfields Road, Whitford, Auckland - a "net" investment of $9,700,000," the office said.

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The office handles deals which exceed $100 million or which involve sensitive land, including farmland and property fronting the waterfront, rivers or lakes.

It aims to balance the benefits of international investment with protecting the New Zealand estate for current and future generations.

"People who are not New Zealand citizens or who do not ordinarily reside in New Zealand must apply for consent to invest in these assets. That requirement also applies to overseas owned or controlled companies, other incorporated or unincorporated bodies, such as partnerships or joint ventures, and trusts, as well as associates of overseas investors (who may be New Zealanders).

"To be successful, the proposed investment must meet a number of criteria set out in the Overseas Investment Act 2005 (for 'sensitive' land and high value businesses) and the Fisheries Act 1996 (for fishing quota). All decisions to grant or decline consent are published by the OIO," the office says.

The Campaign Against Foreign Control of Aotearoa opposes the approval of such deals, saying these are not in New Zealand's interest.

- NZ Herald

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