Chinese buy two Auckland islands for $41.5m

May 1, 2015

Chinese interests have bought two Auckland islands linked to the mainland in a $41.5 million deal and they are now planning to develop a $130.6 million six-star luxury resort and native reserve.

The Overseas Investment Office has announced it gave consent to China’s Rainbow Holdings NZ is buy Pararekau Island and Kopuahingahinga or Lee Island, alongside each other and connected and standing in the Manukau Harbour across from Wattle Downs.

Those island are 27ha in total and consent was needed because waterfront land is regarded as sensitive or precious, so the office must scrutinise such a deal.

The vendor is New Zealand’s Karaka Harbourside Estate and shares are also being sold by New Zealand’s Simon Deng-Li, also known as Yin Bing-Li, as part of that transaction.

The land is at 147-149 Pararekau Rd and the office referred to it as “Pararekau and Kopuahingahinga (Lee) Islands”, connected to the mainland via roads.

“Lee Island Investments (NZ) intends to construct a six star luxury resort on the land, which will include suites, restaurants, entertainment and business facilities on Pararekau Island. Kopuahingahinga Island will become a native reserve,” the office said.

The land deal is $18.6 million and the share sale in Lee Island Investments (NZ) is $22,950,000, the office said, but the “cost of commencing business” was listed at $130.6 million.

In another deal which got consent, Fletcher Residential which is 34.2 per cent Australian owned is buying 3.6ha of land at 172a Don Buck Rd at Massey on Auckland’s north-western outskirts from New Zealand’s Birdwood Residential Estates which will subdivide the land into 76 residential lots.

Fletcher will create a new housing estate there but the amount involved was withheld.

Also suppressed was the price of a big South Canterbury farm sale: New Zealand’s Lochan Mor LP sold assets to Sweden’s Southern Pastures Limited Partnership.

“The applicant intends to operate Lochan Mor Farm as part of its South Canterbury portfolio, and will increase performance through shared efficiencies, additional capital expenditure and sound farming practices,” the office said.

A $66,295,980 deal is allowed involving sensitive land at Papamoa in the Bay of Plenty. Thailand’s TCC Assets, International Beverage Holdings and Interbev Investment is buying assets from Fraser and Neave and Frasers Centrepoint.

French owned Cloudy Bay Vineyards, 66 per cent Moet Hennessy Louis Vuitton controlled, is allowed to buy 46ha of Cromwell land from New Zealand’s Northburn Wine Company and that price was also suppressed.

The Canadian Government’s Cumberland Dairy Farm can buy 964.3ha of land at 154 Klondyke Rd, Montalto, Canterbury from New Zealand’s Klondyke Dairy’s. The Canadians intent to develop the farming operation on the land.

For $85,754 plus GST, Australian-owned Isaac Asphalt can buy 1.8ha of land at 550
McLeans Island Rd near Christchurch from New Zealand’s Robert Geoffrey McGregor Clarke, William James Luff and Alister Gordon McDonald as trustees of The Isaac Conservation and Wildlife Trust.

“The applicant is a joint venture between Downer New Zealand Limited and The Isaac Construction Co. Limited which, was formed to own and operate an asphalt processing plant which is situated on 1.8847 hectares of land at McLeans Island Road. The formation of the joint venture will allow Downer and Isaac to continue their existing upper South Island asphalt operations in a cost effective manner,” the office said.

Japan’s Pan Pac Forest Products can buy 733ha of land at 122 Waipatiki Rd, Hastings from New Zealand’s GS Collins Family Trust for $3.1 million.

“Pan Pac Forest Products owns forests, a sawmill and pulp plant in Hawkes Bay. Pan Pac intends to convert the land to forestry in order to secure supply of wood for its nearby sawmill and pulp plant,” he said.


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