The High Court ordered a foreign land investor who allegedly broke investment rules to pay nearly $ 50,000.
Investor Zhao Bin attempted and then abandoned an offer to buy a $ 6 million property in North Auckland in 2014 without seeking approval from the Overseas Investment Bureau.
He then entered into a 10-year lease for the same land at $ 1 per year, with the right to renew.
It wasn’t until four years later that Zhao consulted another lawyer, who reported the arrangement to the Overseas Investment Office.
He said he had neither sought nor obtained consent.
The High Court ordered him to pay a fine of $ 49,000, or less than 1% of the value of the land, and $ 15,000 in costs.