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Foreign investor who breached land leasing rules fined $49,000

• Source: The High Court has ordered a foreign land investor who breached investment rules to pay nearly $50,000. High Court generic image Source: rnz.co.nz Investor Zhao Bin tried and then abandoned a bid to buy a $6 million northern Auckland property in 2014 without seeking Overseas Investment Office approval. He then entered into a 10-year lease for the same land for $1 a year, with right of renewal. It was only four years later that Zhao consulted a different lawyer, who reported the arrangement to the Overseas Investment Office. It said he had failed to seek or receive consent. The High Court ordered him to pay a fine of $49,000, less than 1 per cent of the land value, and $15,000 in costs.

Investment officeHigh courtZhao binOverseas investment officeOverseas investmentமுதலீடு அலுவலகம்உயர் நீதிமன்றம்ழோ பின்ஓவர்‌ஸீஸ் முதலீடு அலுவலகம்ஓவர்‌ஸீஸ் முதலீடு

Overseas investor fined for leasing land without approval

The 20-year lease term well exceeded the three-year threshold for overseas investors. An investor has been hit with a $64,000 penalty for leasing sensitive land without seeking consent from the Overseas Investment Office. The penalty was made up of a $49,000 fine and $15,000 in costs. In 2014, overseas investor Bin Zhao agreed to buy 20.5 hectares of land in Coatesville, north-west Auckland, for $6 million, subject to a thumbs up from the regulator. While approval was not sought and the sale did not go ahead, on the same day as the purchase agreement, the investor entered a 10-year lease over the land for $1 a year with a 10-year right of

New zealand generalNew zealandInvestment officeOverseas investmentBin zhaoபுதியது ஜீலாந்து ஜநரல்புதியது ஜீலாந்துமுதலீடு அலுவலகம்ஓவர்‌ஸீஸ் முதலீடுபின் ழோ

Investor who breached rules fined $50,000

Photo: RNZ / Richard Tindiller Investor Zhao Bin tried and then abandoned a bid to buy a $6 million northern Auckland property in 2014 without seeking Overseas Investment Office approval. He then entered into a 10-year lease for the same land for $1 a year, with right of renewal. It was only four years later that Zhao consulted a different lawyer, who reported the arrangement to the Overseas Investment Office. It said he had failed to seek or receive consent. The High Court ordered him to pay a fine of $49,000, less than 1 percent of the land value, and $15,000 in costs. Share this

Investment officeHigh courtZhao binOverseas investment officeOverseas investmentமுதலீடு அலுவலகம்உயர் நீதிமன்றம்ழோ பின்ஓவர்‌ஸீஸ் முதலீடு அலுவலகம்ஓவர்‌ஸீஸ் முதலீடு

auckland scoop co nz » First Penalty Against An Overseas Investor Leasing Land Without Consent

auckland scoop co nz » First Penalty Against An Overseas Investor Leasing Land Without Consent
scoop.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scoop.co.nz Daily Mail and Mail on Sunday newspapers.

New zealandNew zealand generalAnna wilson farrellJustice edwardsAuckland high courtInvestment officePress releaseOverseas investmentOverseas investment officeOverseas investment actManager anna wilson farrellபுதியது ஜீலாந்துபுதியது ஜீலாந்து ஜநரல்அண்ணா வில்சன் ஃப்யாரெல்நீதி எட்வர்ட்ஸ்ஆக்லாந்து உயர் நீதிமன்றம்

First Penalty Against An Overseas Investor Leasing Land Without Consent

First Penalty Against An Overseas Investor Leasing Land Without Consent
scoop.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scoop.co.nz Daily Mail and Mail on Sunday newspapers.

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