Chinese interests have bought two Auckland islands linked to the mainland in a $41.5 million deal, and are now planning to develop a $130.6 million six-star luxury resort and native reserve.
The Overseas Investment Office has announced it gave consent to China’s Rainbow Holdings NZ to buy Pararekau Island and Kopuahingahinga (Lee) Island alongside each other in the Manukau Harbour, across from Wattle Downs.
In total, the islands are 27ha and consent was needed because waterfront land is regarded as precious.
The vendor is New Zealand’s Karaka Harbourside Estate and shares are being sold by New Zealand’s Simon Deng-Li, also known as Yin Bing-Li, as part of that transaction.
The land is at 147-149 Pararekau Road and the office referred to it as Pararekau and Kopuahingahinga (Lee) Islands, connected to the mainland via roads.
“Lee Island Investments (NZ) intends to construct a six star luxury resort on the land, which will include suites, restaurants, entertainment and business facilities on Pararekau Island. Kopuahingahinga Island will become a native reserve,” the office said.
The land deal is $18.6 million and the share sale in Lee Island Investments (NZ) is $22,950,000, the office said, but the cost of commencing business was listed at $130.6 million.