Two islands in Auckland have been bought by Chinese interests in a $41.5 million deal for a luxury tourist resort. <\/p>\n
The Overseas Investment Office has approved the sale of Pararekau Island and Kopuahingahinga or Lee Island near Papakura in the Manukau Harbour for $18.6m to Rainbow Holdings NZ. <\/p>\n
Both of these islands are connected to mainland by a road. <\/p>\n
As part of the transaction, Rainbow was also permitted to buy an 81 percent stake in Lee Island Investments for $22.95m, giving it 90 per control of the company. <\/p>\n
Rainbow Holdings NZ is owned by Chinese resident Wanying He, who told the OIO there were plans for a six-star $130m luxury resort, including restaurants, entertainment and business facilities. <\/p>\n
Kopuahingahinga Island would become a native reserve. <\/p>\n
The vendor of the land was Karaka Harbourside Estate, which is connected to developers Ian and James Ross. <\/p>\n
According to past media reports, the Ross' bought Pararekau Island 12 years ago. In 2012 they applied for Environment Court permission to build a gated community on the island, arguing that it was no longer economically viable to graze stock there. <\/p>\n
The owner of the shares is Simon Deng-Li, also known as Yin Bing Deng-Li. <\/p>\n
- Stuff <\/p>\n
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Resort plans for two Auckland islands<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Two islands in Auckland have been bought by Chinese interests in a $41.5 million deal for a luxury tourist resort. The Overseas Investment Office has approved the sale of Pararekau Island and Kopuahingahinga or Lee Island near Papakura in the Manukau Harbour for $18.6m to Rainbow Holdings NZ. Continue reading