Chinese Investors spending up big in NZ

[speights boy]

Judge rejects $250,000 bid for luxury flat, school fees

Auckland businessman William Yan has been denied access to seized assets to pay private school fees for his children and to service the mortgage on his luxury apartment.

Yan, who had $40 million of property restrained in August, this month made a High Court application for $250,000 a year worth of living expenses to be released from these assets.

Yan's luxury apartment was raided in August because of his alleged involvement in money laundering.
No criminal charges have been laid but at least $40 million of assets have been seized under the Criminal Proceeds Recovery Act.

The Herald revealed in October that Yan is alleged to have stolen $129 million in China and concealed the fortune in New Zealand through complex money laundering transactions, according to court documents.

His Queen's Counsel Paul Wicks said in October his client "strongly denies any wrongdoing in any jurisdiction".

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11377694

[brendan]

•An 18.8 per cent stake in Mega, the online encryption service founded by Kim Dotcom.

How ironic, the New Zealand government now is a major shareholder on mega. I hope the FBI don't raid John Key's house.

[Perry]

Why on earth not? Could be
a great hypocrisy expose.

[speights boy]

Interesting.

China Wants Taxes Paid by Citizens Living Afar

In asking for this information, national and municipal tax agencies in China are quietly beginning to enforce a little-known and widely ignored regulation: Citizens and companies must pay domestic taxes on their entire worldwide incomes, not just on what they earn in China.

The nascent campaign this winter puts China on the same side as the United States in a global debate over whether taxation should be primarily national or global.

http://www.nytimes.com/2015/01/08/business/international/china-starts-enforcing-tax-law-for-citizens-working-abroad.html?src=me&_r=0

[Wayne]

They've learnt well from the USA.

[speights boy]

They've learnt well from the USA.

Others will follow.

Meanwhile, down on the farm.
Not just a concern about China of course, but any overseas buyer.

Federated Farmers backs Labour’s calls for further audits overseas farm purchases

He says if an investor located overseas can add something that New Zealanders can’t or won’t provide, then there is a benefit to the country.

If, however, there is a strategy to simply buy up swathes of farmland and create a vertically integrated enterprise, to take it out of New Zealand control, then "we have a concern," he says.

Asked about value lost when foreign investors don’t uphold their commitments, Dr Rolleston told NBR the figures were not available, meaning it’s difficult to have a decent debate around the strengths and weaknesses.

“The trouble is that we don’t have enough information to tell whether conditions are being kept or if a previously undisclosed strategy is being followed,” he says.

http://www.nbr.co.nz/article/federated-farmers-backs-labour%E2%80%99s-calls-further-audits-overseas-farm-purchases-jw-167328

[Damap]

He's a bit late. I have a close friend who has put thousands of acres of dairy land into Chinese milk powder producers hands. Started well over a decade ago. Horse, stable door, bolted.....

[Wayne]

He's a bit late. I have a close friend who has put thousands of acres of dairy land into Chinese milk powder producers hands. Started well over a decade ago. Horse, stable door, bolted.....

All the land isn't gone yet!

[elguapo]

He's a bit late. I have a close friend who has put thousands of acres of dairy land into Chinese milk powder producers hands. Started well over a decade ago. Horse, stable door, bolted.....

Eh? No Chinese milk powder producer owns farm land in NZ.

[Damap]

Yes they do, truck loads of it.

[elguapo]

Yes they do, truck loads of it.

Name them.

[speights boy]

Bttt
......

[Damap]

Sorry I don't respond to stupid.

But in the interests of helping people change......

OIO records show that from 2001 to 2013, a total 1.6 million hectares of freehold land changed hands in transactions requiring overseas investment approval. That's more than 10 per cent of the country's estimated 14.5 million ha of productive rural land.
But here's where things get complicated. Many sales are joint ventures or otherwise involve multiple parties, including New Zealanders. Though the overseas investor may have a controlling hand, the OIO calculates a "net" land area which is deemed foreign-owned - reflecting the percentage of the foreign stake in the purchasing company. According to the OIO, the "foreign" component of those 1.6m ha in freehold sales comes down to 562,000 ha.
Another difficulty is that many sales involve land already in overseas hands.
Then there are leasehold arrangements, where foreign companies may control and profit from long-term land use without full freehold rights. Some 358 leasehold deals covering 707,500 ha were approved from 2001-13, with the overseas component a net 279,000 ha.
The OIO also cautions that not all sales proceed and that some overseas buyers become NZ citizens or permanent residents.

My friends full time job for 5 years was buying NZ and US dairy land in many creative ways. I would say the above numbers are light. There are plenty of Chinese now NZ citizens fronting enormous syndicates who own NZ farms.

[Damap]

They're even building their first milk factory out of Auckland.
Fonterra would do well to be concerned.

http://yashili.co.nz/about-us/

[elguapo]

I asked a specific question, which Chinese milk processor owns active farm land in NZ, given your statement;

I have a close friend who has put thousands of acres of dairy land into Chinese milk powder producers hands.


You have no evidence that any such processor owns NZ farm land. There are certainly Chinese investors who own NZ farm land, but none is owned by Chinese milk powder producers.