OIO rejects HNA's $660 million UDC Finance purchase

Wed, 20 Dec 2017

By Paul McBeth Dec. 21 (BusinessDesk) - The Overseas Investment Office has rejected Chinese conglomerate HNA Group's application to buy ANZ Bank New Zealand-owned UDC Finance for $660 million. The agency, which sits in the Land Information New Zealand, declined the application and will be releasing a statement later today outlining its reasons, a spokeswoman told BusinessDesk. The decision with legislation before Parliament aiming to restrict the sale of existing residential property to foreign buyers and follows a tougher line on overse...

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