Buyer cops $125k OIO fine on $9.4m deal

Fri, 11 Jun 2021

Another foreign investor has fallen foul of the Overseas Investment Office (OIO) and been pinged with $125,000 in penalties and costs for two Mellons Bay properties bought for $9.4 million in 2015.The rateable value of the properties is now $13.8m.Cong Zhang, a Chinese businessperson approved in principle for a NZ residence visa in July 2015, entered into a sale and purchase agreement for the 6,100 square metre land parcel in September of that year. However, because the visa was eventually only issued in March 2017, Zhang was still conside...

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