Contact control wins approval

The $1.7 billion sale of a controlling stake in Contact Energy was the largest deal approved by the Overseas Investment Commission in its latest round of decisions.

The deal for Australian energy giant Origin to buy 51 per cent of Contact Energy from United States company Edison for $1.67 billion topped the latest approvals and involved 8520ha of land.

Carter Holt Harvey's $435 million sale of 40,779ha of forestry land to Matariki Forests - a US-headed consortium controlled by Rayonier - was the next largest deal and involved land in the Bay of Plenty-Coromandel, Gisborne-Hawkes Bay and Northland areas.

In a separate deal, the same Matariki Forests was cleared to buy a further 37,837ha of forestry land from Rayonier NZ for $269 million.

Dutch-owned ING (NZ) was cleared to buy $158 million of finance and insurance businesses from Australia's ANZ National Bank.

DCA Group, one of Australia's largest private rest home and hospital operators, was granted approval to buy assets from Guardian Healthcare Group for $300 million.

South Korea's Dongwha Hong Kong International was cleared to buy manufacturing, wood and paper assets from US-owned Rayonier Wood Products for $58.5 million.

Thailand's Amora Group got approval to buy a Rotorua hotel for $52.5 million from Singapore's listed Low Keng Huat.

Amora owns Rydges hotels in Chiangmai, Phuket, Melbourne and Sydney but is expanding in New Zealand by buying Duxton hotels in Rotorua, Wellington and Auckland.

Through their Channor NZ company, Aiden and Kathleen Harrison of Ireland gained clearance to buy 1.8ha of Tauranga land from a New Zealand company for $16.8 million. The Harrisons want to complete a boat stacker and apartment project and redevelop the rest of the site for office, industrial, residential and recreational purposes.

"The redevelopment of the land will provide an intensive cluster of marine/export offices and service providers, business providers, business services, parking, conference, retail and residential facilities," the commission said.

Another large multi-use project is being planned by two AMP property opportunity funds, cleared to buy 47ha of Waikanae land from local interests for $6.7 million. AMP is planning a small town centre, retirement village and 300-lot housing subdivision on the land.

South Korea's Hey-Suk Jang was refused permission to buy 6.3ha of Canterbury land because the commission said it was not satisfied the applicant would be granted permanent residence. She had offered $700,000 for the lifestyle property.