December 2007 decisionsCity Pacific of Australia takes share in Bastion Point retirement village Holcim buys North Otago land for buffer zone to proposed new cement plant National Mutual buys properties from NZ REIT Rausing family (Ingleby Company) add Matahiia Station, Ruatoria Transfield takes over McBreen Jenkins Construction, including quarries AMP buys 9.6 hectares at Warkworth for business/residential “incubator units” Goodman Group reorganises ownership structure of Highbrook Business Park
City Pacific of Australia takes share in Bastion Point retirement villageIn two decisions, Grande Pacific New Zealand Syndicate, owned 66.025% in Australia, 0.975% by “various overseas persons”, and 33% in Aotearoa has approval to acquire an interest in properties which are part of the Eastcliffe Retirement Village and a further development, the Eastcliffe Tamaki Retirement Resort, from The Proprietors of Taharoa C Block:
· 2.3 hectares of leasehold at 106 Rukutai Street, 110-160 Rukutai Street, 50-64 Te Arawa Street, 63-65 Te Arawa Street and 80-82 Aotea Street, Orakei, Auckland for $14,044,844 from Eastcliffe Retirement Care Limited, owned by The Proprietors of Taharoa C Block of Aotearoa. [Decision number 200720070.] · 4.7 hectares of leasehold at Taniwha Street, Glen Innes, Auckland, for $3,000,000 from Eastcliffe Tamaki Retirement Care Limited, owned by The Proprietors of Taharoa C Block of Aotearoa. [Decision number 200720069.]
In both cases, the land, either alone or together with any associated land, adjoins land that is listed, or in a class listed, as a reserve, a public park, or other sensitive area by the OIO.
Te Puni Kokere uses the Eastcliffe Retirement Village as an example of good governance on its web site at http://governance.tpk.govt.nz/share/eastcliffe.aspx. The existing retirement village is in Rukutai, Te Arawa, Aotea and Kupe Streets at Orakei, close to the sensitive Bastion Point land owned by the Orakei Trust Board. It is aimed at the “large high net worth [i.e. rich] elderly population in the Eastern suburbs” – presumably not for the members of the hapū of the owners. As an example, it reports: “The Partnership recently sold a penthouse unit for $1.4 million. This is the most expensive retirement unit sold so far in New Zealand.”
Te Puni Kokere gives the background as follows:
Eastcliffe Retirement Resort is a jointly owned business venture subject to a partnership agreement between Protac Investments Ltd, a wholly owned subsidiary of the proprietors of Taharoa C Block and Ngāti Whatua o Orakei Māori Trust Board.
Taharoa C Block is an Incorporation set up under Te Ture Whenua Māori Act 1993 with its registered office in Hamilton. In 2004 the entity had a total of 1,564 shareholders and a total of 5,341,957 shares. In 2004 the executive committee recommended a dividend of 24.5 cents per share. The Incorporation undertakes its investment activities through Protac Investments Ltd, which has its registered office in Auckland. In 2004 Protac contributed $1,306, 474 to the group profit of $2,173,719.
Ngāti Whatua o Orakei is a hapū of the wider Ngāti Whatua iwi located in and around the Tamaki isthmus and Auckland city. Hapū autonomy is recognised in Te Runanga o Ngāti Whatua Act 1988 and the Orakei hapū is represented on the tribal Trust Board, Te Runanga o Ngāti Whatua.
The Ngāti Whatua o Orakei Māori Trust Board was originally set up pursuant to the Māori Trust Boards Act 1955. It now has its own separate legislation, namely the Orakei Act 1991. Section 19 of the Orakei Act 1991 provides a mandate for the Orakei Trust Board to act as a sole authority on behalf of Ngāti Whatua o Orakei on any matters that derive from the hapū’s customary authority in the Tamaki isthmus.
Structure Diagram
Grande Pacific is buying Eastcliffe Retirement Care Ltd, apparently leaving Orakei Retirement Care Ltd, owned by Ngāti Whatua o Orakei Māori Trust Board, as part owner of the Eastcliffe Retirement Care Partnership.
The proposed Taniwha Street development in Glen Innes is on the former Tamaki College site. An application for resource consent received by Auckland City Council in late 2007 was described as involving “a total of 388 retirement units within seven buildings, arranged around a large central courtyard area”. Among matters requiring consent were “an infringement of the maximum height controls … with up to 17.5m proposed”, and “removal of five generally protected trees”. (“Applications for resource consent”, Auckland City Council, http://www.aucklandcity.govt.nz/news/notices/200709/29/n01.asp, accessed 30 March 2008.)
According to the OIO,
The Applicant is a partnership between Hallmount (NZ) Limited and Grande Pacific (NZ) Limited, each with a 50% interest in the Applicant. Hallmount (NZ) Limited is 66% owned by New Zealand residents. The sole shareholder of Grande Pacific (NZ) Limited is Grande Pacific Limited, a company that is ultimately owned by City Pacific Limited, a company listed on the Australian Stock Exchange.
The Applicant has been established to acquire the interests of Eastcliffe Tamaki Retirement Care Limited in the Eastcliffe Tamaki Retirement Care Partnership (the Partnership) which is the lessee of the relevant land, and to continue the development, marketing, advertising and operation of the proposed Eastcliffe Tamaki Retirement Village on the land.
The Applicant proposes to acquire the currently vacant land to develop into a retirement village, the Eastcliffe Tamaki Retirement Resort. The Eastcliffe Tamaki Retirement Resort is intended to comprise apartments for the elderly and a range of community facilities that are of high quality and managed by skilled and experienced personnel.
The purchase of development sites in both Auckland (separate application) and Tauranga, is an important part of the Applicant’s strategy to build, own and operate high quality life-style retirement resorts throughout Australia and New Zealand.
We have no record of an approval for Tauranga.
In the second decision, the OIO also states:
The Applicant has been established in order to acquire the interests of Eastcliffe Tamaki Retirement Care Limited, including its interest in the lease of the land and to continue the operation of the Eastcliffe Tamaki Retirement Village on the land.
Part of the land is currently used as a retirement village comprising a communal facility, 78 serviced apartments, a 20-bed geriatric hospital and 58 independent townhouses/apartments. The Applicant proposes to acquire the land and to develop the currently vacant part of the land into a retirement village, the Eastcliffe Tamaki Retirement Resort. The Eastcliffe Tamaki Retirement Resort is intended to comprise apartments for the elderly and a range of community facilities that are of high quality and managed by skilled and experienced personnel. The Applicant will continue the development, marketing, advertising and operation of the Eastcliffe Tamaki Retirement Village.
In March 2008, a mortgage fund of City Pacific (Australian parent of Grande Pacific) was late paying distributions to its investors leading to speculation about its financial state, due, according to one journalist, to “reckless leverage and faulty disclosures” (Sydney Morning Herald, “White knight on the way to City’s rescue”, by Michael West, 13/3/08, http://business.theage.com.au/white-knight-on-the-way-to-citys-rescue/20080312-1yzw.html; and “City Pacific share price crash despite distribution”, by Scott Rochfort, 15/03/08, http://business.smh.com.au/city-pacific-share-price-crash-despite-distribution/20080314-1zix.html, accessed 30/03/08).
City Pacific describes itself as “a diversified financial services company, providing finance and investment products. City Pacific is one of Australia’s largest non-bank loan providers. We have $5 billion in mortgage assets under advice…” (http://www.citypac.com.au/, accessed 30/3/08). It describes Grande Pacific as follows:
Grande Pacific Ltd has been established as a Specialist Independent Living Communities (ILC’s) provider. Grande Pacific draws together the expertise of several highly skilled property developers and financiers, with a depth of experience in both Australia and New Zealand. City Pacific holds a 50% stake in this group.
Grande Pacific’s inaugural ILC project now under construction is the $70 million 25 storey Grande Pacific Broadwater at Southport featuring 116 apartments. Around 200 apartments are planned for The Grand Pacific Imperial at Labrador.
The group is in planning stages for a waterfront ILC at Martha Cove, Victoria and additional sites have been secured in New Zealand. The targeted sites have excellent exposure to the purchaser demographic segment, and with project roll outs planned over many years Grande Pacific is set to provide City Pacific with a solid contribution to profits over the medium to long term. (http://www.citypac.com.au/about_us/corporate_structure/property/grande_pacific, accessed 30/3/08.)
Grande Pacific General Manager Chris Stewart breathlessly described the Southport developments as
Australia’s first ever five-star high-rise resort designed for the over 60s and it’s handy to everything… Only a short stroll to the Southport shopping precinct, a five minute drive from Southport Yacht Club or the up-market retail stores at Marina Mirage, with Tedder Avenue just down the road. If you don’t fancy going out there will be a range of on-site facilities to choose from. A la carte inroom dining from the on-site licensed restaurant and coffee shop, a bar, theatrette, billiard room, library, gymnasium, heated pool, spa and a craftsroom… 24-hour nursing care has been arranged, medication delivery, night security guards and domestic cleaners, plus an Audi A3sedan from James Frizelle’s Audi Centre as a courtesy car. (“Grande Pacific Broadwater A Reward For Life’s High Achievers”, by Mike London, City Pacific Update (company newsletter), October-December 2007, p. 6, http://www.citypac.com.au/about_us/newsletters.) Holcim buys North Otago land for buffer zone to proposed new cement plantHolcim (New Zealand) Limited, owned 23.6% in Switzerland by Thomas Schmidheiny, 66.4% in Switzerland by minor shareholders, and 10% in the U.S.A. by Capital Group Companies, has approval to acquire 8.7 hectares at 201 Weston Ngapara Road, Weston, North Otago for an initially suppressed amount which was released on appeal as “$900,000 (including GST)”, from Alistair Gray Kingan and Joy Kingan of Aotearoa.
The land is being acquired as part of Holcim’s proposal to move its cement manufacturing from Westport. It is being strongly fought by local residents in the Waiareka Valley, who have concerns about air, health, noise, traffic, economics, landscape and heritage issues (see for example The Waiareka Valley Preservation Society’s web site at http://www.wvps.co.nz/). Holcim has yet to make a final decision on the move. A news release from the company on 11 February 2008 stated:
Holcim (New Zealand) Ltd has received notification that it has been granted all consents it sought to operate a cement plant and associated quarries and pits near Oamaru. The consents come with a range of conditions relating to the construction and operation of the plant and associated sites …
In December, Holcim New Zealand announced that it would put two priority options for cement supply to its parent company, Holcim Ltd, who make the final decision. A new plant at Weston is the preferred option. A second priority option, offering lower capital cost but higher operational costs, is to continue the current Westport plant with an appropriate maintenance and capital works programme, in combination with imports on a bulk basis. The Holcim Ltd decision is not expected before late 2008.
The Waiareka Valley Preservation Society is appealing the Environment Court decision.
The OIO states:
Holcim (New Zealand) Limited (Holcim), through its operating divisions and subsidiaries, is involved in the manufacture and distribution of cement, the extraction and processing of aggregate, the manufacture of ready mixed concrete, the extraction and processing of limestone and the sale of all the above products. Holcim operates quarries from which it extracts and processes aggregates for supply. It manufactures cement at Cape Foulwind, near Westport, and transports it primarily by ship to a number of distribution outlets strategically situated around the country. Holcim currently produces approximately 500,000 tonnes of cement annually from its Westport works. Holcim, through its ready mixed concrete division, Holcim Concrete, operates a network of ready mixed concrete plants in Auckland and Hamilton.
Holcim’s Westport cement works is presently operating at capacity and cannot meet current domestic demand, and it also has a limited economic life. Holcim has actively investigated its future alternatives, including a range of upgrade alternatives for the Westport plant, importing cement either to supplement the Westport operation or to replace domestic manufactured cement with imported cement and a new cement plant at Weston, Waitaki district, North Otago.
Holcim proposes to establish and operate a cement manufacturing complex on land owned by Holcim adjacent to the Weston-Ngapara Road, Waitaki district. This site is situated some 3km northwest of the township of Weston and some 7km west of Oamaru. The land at Weston on which the plant and limestone, siltstone and tuff quarries is to be sited is zoned Rural General (Rural G) in the Waitaki District Plan, and has had a special identification as a Cement Policy Area since the early 1980s. This identification specifically provides for the manufacture of cement and associated quarrying of raw materials. The coal and sand pit areas at Ngapara and Windsor are zoned Rural G.
The acquisition of the relevant land will assist Holcim is establishing an acceptable buffer zone between the cement plant and neighbouring residences. The establishment of the buffer zone is part of a commitment by Holcim to ensure that the social and environmental impact of the cement plant is minimised to the greatest extent possible.
[Decision number 200720078.] National Mutual buys properties from NZ REITNational Mutual Funds Management “in its capacity as responsible entity of the Wholesale Australian Property Fund (New Zealand)” (WAPF(NZ)), owned 100% in Australia, has approval to acquire the Plaza Shopping Centre, Whangaparoa, the ANZ Tower, Esprit Building and the Westpac Building, Wellington for an initially suppressed amount which was released on appeal as $136,000,000, from NZ REIT Limited, owned by Timothy Ian McKenzie Storey of Aotearoa.
According to the OIO,
WAPF (NZ) is a wholly owned sub trust of the Wholesale Australian Property Fund (WAPF). WAPF is a wholesale trust registered scheme which invests the money of individual investors who are allocated units on the fund, based on an entry unit price. WAPF is open for investment to all investors. AXA Asia Pacific Holdings Limited (AAPHL) is the entity with control over WAPF (NZ).
NMFM in its capacity as responsible entity of WAPF (NZ) proposes to acquire the Plaza Shopping Centre at Whangaparoa, the ANZ Tower and Espirit Building, and the Westpac Building in Wellington. Following the acquisition the Applicant will continue to manage these properties as they are currently being managed.
WAPF currently has an investment at Shortland Street, Auckland and is seeking to increase its exposure in New Zealand. The acquisition is appealing due to the nature and quality of the asset. It adds to the Applicant’s existing portfolio and including Shortland Street, it will represent 15% of the total funds investment.
National Mutual is also owned by AXA. [Decision number 200720079.] Rausing family (Ingleby Company) add Matahiia Station, RuatoriaThe Ingleby Company Limited, owned in the U.K. by The Ingleby Trust, has approval to acquire the Matahiia Station, which is on 1,118 hectares of freehold and 41 hectares of leasehold at Matahiia Road, Ruatoria, Gisborne, for $8,074,168 from Jeremy Kenneth Williams of Aotearoa. The property adjoins land held for conservation purposes under the Conservation Act 1987.
According to the OIO,
The Ingleby Company Limited (Ingleby) proposes to acquire Matahiia Station (Matahiia). Ingleby proposes that Matahiia will be farmed as an intensive sheep and cattle finishing unit producing meat and wool for both domestic and overseas consumption. Ingleby proposes to upgrade and improve the land to enhance productivity and product quality, which will enhance Ingleby’s agricultural interests in New Zealand. Matahiia Station will be incorporated into Ingleby’s breeding operation on Puketoro Station which is located approximately 10 kilometres from Matahiia.
Ingleby Company is owned by the controversial Rausing family. Their last approval for a land purchase was in June 2007, when they acquired the 595 hectare Katoa Station, also in Gisborne. In March 2004 when they bought 272 hectares at Geraldine, Canterbury. In December 2002, they bought 1,951 hectares at Waitahaia Station and Ruatahunga Station, Tokomaru Bay, Gisborne and in November 2001 the 5,381 hectare Puketoro Station in Ihungia Road, Te Puia, Gisborne. The Waikura Station was acquired in August 2001 and the Pakira Station in September 2000. See our commentaries for those months for further details, and that for February 2002 for detail on the Rausing family.
[Decision number 200720071.] Transfield takes over McBreen Jenkins Construction, including quarriesTransfield Services (New Zealand) Limited, owned 13.08% by Luca Belgiorno-Nettis, 13.08% by Guido Belgiorno-Nettis, 8.72% by Franco and Amina Belgiorno-Nettis, all of Australia, and 65.12% by minority shareholders in Australia, has approval to acquire McBreen Jenkins Construction Limited and
· 2.0 hectares of leasehold at 59 Glenlyon Ave, Tauranga, Bay of Plenty
for $14,000,000 from McBreen Jenkins Investments Limited, owned 41.2% by John William Bines, 29.4% by David Gerald Booth, and 29.4% by William James McBreen, all of Aotearoa.
The OIO states:
Transfield Services (New Zealand) Limited (Transfield) has entered into an agreement with BBM Holdings Limited (BBM), formerly McBreen Jenkins Investments Limited, to acquire all of the shares in McBreen Jenkins Construction Limited (McBreen Jenkins Construction). The business activities of McBreen Jenkins Construction include civil and roading construction and maintenance activities and quarrying.
McBreen Jenkins Construction owns six properties and leases or has quarrying rights in respect of twenty properties. It is proposed that five of the six owned properties will be sold to BBM on settlement of the acquisition of the shares. One property will be sold to BBM prior to the settlement of the transaction. BBM will lease four of these properties back to McBreen Jenkins Construction from the settlement date.
The acquisition will provide Transfield with a stronger market presence in the large and rapidly growing roading construction, maintenance and associated industries in New Zealand. The key strategic opportunities for Transfield include:
(a) strengthening Transfield’s position in road construction and infrastructure maintenance in general, specifically in the Northland and Bay of Plenty regions where Transfield is not currently represented with its infrastructure services; (b) providing access to McBreen Jenkins Construction’s key competencies and experience in road construction and maintenance, at a time when skilled labour is in short supply; and (c) positioning Transfield to take advantage of the significant increase in infrastructure spending by central and local governments across New Zealand.
[Decision number 200720077.] AMP buys 9.6 hectares at Warkworth for business/residential “incubator units”APEREF II Limited, owned 29.7752% in Australia, 68.9748% in Aotearoa by minor shareholders, and 1.25% in Aotearoa by John O’Sullivan, has approval to acquire 9.6 hectares at Cnr Hudson Road and State Highway One, Warkworth, Northland for $13,162,500 from Warkworth Property (2007) Limited, owned by Zeljan Alexander Unkovich of Aotearoa.
The OIO states:
The Applicant proposes, subject to obtaining resource consents, to redevelop the property to comprise 50,000 square metres of mixed use development.
The mixed use development will be a combination of showrooms, workshops, residential use, and light industrial use. The majority of the site will be developed into ‘Incubator Units’ where the top floor will be used for residential purposes and the ground floor will be used for a business, being a workshop, office or a showroom. These units are generally sold to those beginning their business. The remainder of the site will encompass light industrial trade and service retail which will be owned by an AMP Investment Fund.
The investment will complement the Applicant’s, and the related entities of the Applicant, existing investments and enhance returns to its investors. These existing investments include commercial property and residential subdivisions.
APEREF II is an AMP subsidiary (see for example our commentaries for July and September 2007).
[Decision number 200720073.] Goodman Group reorganises ownership structure of Highbrook Business ParkThe Goodman Group is reorganising its ownership in Highbrook Business Park in two decisions approved by the OIO.
In the first, Goodman Property Trust, owned 23.2596% in Australia, 9.296% by “various overseas persons”, 2.4744% in Aotearoa by Goodman Holdings, and 64.97% in Aotearoa by minority shareholders, has approval to acquire up to 50% of Highbrook Development Limited, including 154 hectares at Highbrook Business Park, Highbrook Drive, Manukau City, Auckland for $97,290,000 from Goodman Group, owned 74.67% in Australia, 16.54% by “various overseas persons”, and 8.79% in Aotearoa by Goodman Holdings. [Decision number 200720075.]
In the second, Goodman Group has approval to acquire up to 40% of the units of Goodman Property Trust for $157,388,589 from existing unitholders in the Goodman Property Trust other than the Goodman Group, of whom 6.46% are “various overseas persons”, 3.12% are in Australia, and 90.42% are in Aotearoa. The acquisition includes
[Decision number 200720076.]
For the first decision, the OIO states:
As part of its New Zealand property portfolio, Goodman Group currently holds a proprietary interest in the Highbrook Business Park development (via its shareholding in Highbrook Development Limited). Goodman Group and Goodman Property Trust (GMT) have agreed to reorganise the ownership structure of this interest. In general terms, Goodman Group proposes to transfer to GMT 50% of its interest in Highbrook Business Park. Subsequent to this transaction, Goodman Group’s exposure to the Highbrook development will be a direct holding of 25% and an indirect interest of 50%, arising through its unit holding in GMT. Goodman Group’s interest in GMT will likely increase by virtue of a capital raising exercise to be undertaken by GMT (in the form of a placement, institutional and retail entitlements offer and retail offer) (the Capital Raising). GMT’s intention is to deploy this capital to help finance the acquisition.
GMT seeks consent to purchase 50% of Goodman Group’s interest in Highbrook Development Limited (HDL) (by acquiring 100% of the shares in Goodman Highbrook Limited).
Goodman Group wishes to rationalise and consolidate its New Zealand property portfolio. Its future investments in the industrial and commercial property market will be through its unit holdings in GMT. GMT believes that the proposed Transactions represent an opportunity for it to significantly grow its New Zealand property portfolio from approximately $1.3 billion to $1.6 billion. In particular, the proposed transactions will improve GMT’s weighted average lease expiry from 5.6 years to approximately 5.9 years and will introduce high quality customers to GMT’s portfolio.
The land acquisition component of the proposed Transactions will be paid for by GMT through a combination of cash payments (funded through GMT’s debt facilities) and unit issues to Goodman Group. It is envisaged the Capital Raising will increase GMT’s market capitalisation to a point where it is expected to be the largest listed property trust on the New Zealand Stock Exchange (NZSX). This increase is likely to raise investor awareness of GMT and enhance trading liquidity in GMT units.
The proposal is likely to result in the following benefits: (a) by allowing the Applicant to substantially grow its property portfolio in New Zealand, the transactions (and the developments undertaken pursuant to them) will result in the Applicant becoming one of New Zealand’s largest property investors. In turn, this will create a platform for the Applicant to carry out further investment in New Zealand; and (b) the transactions will benefit New Zealand’s construction industry (Highbrook Business Park will require significant and ongoing development and construction), promote competition within New Zealand’s commercial and industrial property sector and generate new employment opportunities.
In the second decision, the OIO also states:
Goodman Group seeks consent to: (a) acquire a further 108 million units in GMT (valued at circa NZ$157.4 million), which will be effected through Goodman Group participating directly in the Capital Raising and/or a sub-underwrite of the Capital Raising; and (b) acquire further units in GMT in accordance with the distribution re-investment plan operated by GMT and payment of any performance fees to GNZL (the Further Unit Issue) - on an annualised basis, the Further Unit Issue could result in units to the maximum value of $35 million being issued to Goodman Group. In total, consent is sought for Goodman Group to acquire up to 40% of the units in GMT. Land for wine· Amisfield Wine Company Limited, owned 40.01% in the U.S.A. by the Tusher Family Limited Partnership, 40.01% by Alan John Richardson of Aotearoa as trustee for John Gerard Darby, and 19.98% by George Charles Desmond Kerr of Aotearoa, has approval to acquire 16 hectares at State Highway 6, Wanaka Road, Lowburn North, Central Otago for $1,012,500 from Amisfield Nominees Limited, owned in Aotearoa by Alan John Richardson as trustee for John Gerard Darby. According to the OIO, “The Applicant proposes to acquire the land which contains a fully developed vineyard containing a planted area of approximately 12.5 hectares predominantly planted in Pinot Noir. The Applicant is currently the manager of the vineyard and purchases the grapes under a contract arrangement. The Applicant is an established producer of wine made from grapes grown on the land and from other managed vineyards throughout New Zealand. The Applicant also operates a Cellar Door (tasting, tours and sales) and a Bistro (dining and functions) at Lake Hayes near Queenstown. The Applicant’s wines are sold under the Amisfield, Arcadia and Lake Hayes labels. The acquisition is part of the Applicant’s strategy to secure an increased grape supply and long-term strategy to become a leading producer of fine wines within the local and worldwide markets.” The Tushers also own Wyuna Station – see our commentary for March 2005. [Decision number 200720074.] Other rural land sales· Peter Shorten and Susan Lorraine Shorten of Australia, have approval to acquire 14 hectares at Barkers Road, Methven, Canterbury for $534,375 from Glebe Farming Limited, owned 100% in Aotearoa by David James Grant and Roslyn Joy Grant. According to the OIO, “the Applicants intend to shift to New Zealand and build a home to reside in permanently. The Applicants wish to move for lifestyle reasons. The property is located near the Mt Hutt ski field, where Mr and Mrs Shorten intend to ski during the winter months.” [Decision number 200720072.] Summary statisticsAll investments Only a huge ($9 billion) approval in December 2006 stopped 2007 being a substantially busier year (by gross value) than 2006. It had led by a long way for most of the year. However, it exceeded 2006 easily by net value (i.e. disregarding sales from one overseas investor to another, and discounting part New Zealand ownership of the assets): at $4.7 billion, net value was almost half as much again as 2006. By far the greatest part of the value of the approvals is for sale from one overseas investor to another.
Investment involving land Sales of both freehold and leased land approved by the OIO during the years to December have fallen greatly in area between 2006 and 2007, both gross and net. Refusals (above) have risen slightly in number and area, but are still a tiny proportion of the total.
Fishing Quota There was no fishing quota approved for sale during the whole of 2007, compared to just one approval in 2006.
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Compiled by: Campaign Against Foreign Control of Aotearoa, P. O. Box 2258 Christchurch. |
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