The Overseas Investment Office said last week it had approved CDL Land NZ Ltd’s purchase of 8.43ha in Havelock North for a 120-lot residential subdivision.
CDL Land, a subsidiary of NZX-listed CDL Investments NZ Ltd, is ultimately an overseas-controlled company because it’s 53.3% owned by Singaporeans. Just under 40% of the shares are held by NZ-registered shareholders.
CDL Land, a major New Zealand residential developer for over 25 years, bought the land at 108, 122 & 160 Arataki Rd, Havelock North, from local vendors for $8.77 million.
In an article on the standing consent held by another Asian-controlled major NZ residential developer, Universal Homes Ltd, the office said Universal was able to undertake up to 27 transactions for a total 21.5ha of residential land in Auckland through to 3 April 2023.
Universal Homes is ultimately majority-owned by a Chinese state-owned enterprise, China Merchants Group Ltd.
OIO, 28 May 2020: Universal Homes’ standing consent supports new builds
Attribution: OIO release & decision.