Foreign buyers to pay $3 mln over unlawful rural land purchases

Foreign buyers to pay $3 mln over unlawful rural land purchases
Paul McBeth
By Paul McBeth July 5 (BusinessDesk) - Foreign buyers will end up in the red after agreeing to pay almost $3 million in penalties for purchasing rural land north of Auckland without Overseas Investment Office consent.  The High Court yesterday ordered Chinese businessmen Zhongliang Hong and Xueli Ke, and IRL Investment and Grand Energetic Company to pay $2.95 million for breaching the Overseas Investment Act when they bought two properties in 2012 and 2014. They paid about $4.5 million for one of the sites and stood to gain $2.3 million w...

More Property

RoofBuddy founder's previous venture was liquidated
Property

RoofBuddy founder's previous venture was liquidated

RoofBuddy sponsors the New Zealand Warriors NRLW franchise.

Gregor Thompson 24 Apr 2025
JLL to close debt advisory unit
Property

JLL to close debt advisory unit

Global commercial real estate firm Jones Lang LaSalle (JLL) is offshoring its debt advisory division, a month after it announced it would downsize its New Zealand footprint.  The Australian Financial Review (AFR) reported on Tuesday evening that JLL is closing its Australian and...

Gregor Thompson 23 Apr 2025
Damien Grant 'stacked creditor vote', US lender claims
Property

Damien Grant 'stacked creditor vote', US lender claims

Ormiston Rise funder Arena is taking court action to have the liquidator removed.

Maria Slade 23 Apr 2025
In defence of the villa
Property

Maria Slade: In defence of the villa

Removing protections from Auckland’s villas won’t solve the housing crisis.

Maria Slade 22 Apr 2025