Property editor of the NZ Herald

Oravida's Stone Shi buys Ardmore Airport

New Zealand Warbirds D-Day Open day at Ardmore Airport earlier this year. Photo / Nick Reed
New Zealand Warbirds D-Day Open day at Ardmore Airport earlier this year. Photo / Nick Reed

A company directed by the businessman who previously paid the biggest sum for a New Zealand house has bought South Auckland's Ardmore airport.

Stone Shi, the Oravida founder who bought the Paritai Drive mansion for $39 million is now showing as a director of Adrmore Airport Ltd.

Tramcent Investment Group issued a statement last week saying it had sold its shares in Ardmore Airport for an undisclosed sum.

That business is understood to have bought the airport from the Government in 1995.

Companies Office records now show Stone Shi as an Ardmore Airport director, along with a close business associate Julia Xu.

A view of the Paratai House bought by Stone Shi for $39m. File photo / Doug Sherring
A view of the Paratai House bought by Stone Shi for $39m. File photo / Doug Sherring

Bradley Taylor, Tramcent Holdings general manager, issued this statement on the deal last week:

"The General Manager of Tramcent Holdings, Bradley Taylor, today confirmed that Tramcent Holdings had sold the Ardmore Airport Company for an undisclosed sum to a NZ based Investment Company (Kauri Ardmore Ltd).

"Whilst the agreement is subject to confidentiality, a director of Kauri Ardmore Ltd, Ms Julia Xu, advised that this acquisition would allow for the continued growth of aviation activities in addition to supporting and encouraging future commercial investment. All lease arrangements (many of them long term) will remain in full effect and it is business as usual with a continued long-term commitment to the future of the Ardmore Airfield," his statement said.

Shi - also known as Deyi Shi - bought his Paratai Drive house in 2013. That house had been partly financed by former Hanover Finance boss Mark Hotchin.

- NZ Herald

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