UPDATE: Ownership cloud over China's HNA led OIO to reject $660M UDC purchase

Wed, 20 Dec 2017

(Updates to add details of decision provided by the OIO throughout) By Paul McBeth Dec. 21 (BusinessDesk) - The Overseas Investment Office has rejected HNA Group's application to buy ANZ Bank New Zealand-owned UDC Finance for $660 million over unanswered questions relating to the Chinese conglomerate's ownership The agency, which sits in the Land Information New Zealand, declined the application because it couldn't determine who owned and controlled HNA and failed the legislative test, deputy chief executive policy and overseas investm...

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