Chapman Tripp has acted for Shanghai CRED Real Estate on its purchase of the Peppers Carrington Resort and Karikari Winery Estate.
Shanghai CRED is one of Shanghai’s largest property development companies. Their purchase of the 1,100 hectare (2,718 acre) Peppers Carrington resort - which includes a seaside golf course and vineyard - is the first significant Chinese investment in New Zealand's tourism sector. The New Zealand government is targeting a fivefold increase in the number of Chinese visitors to New Zealand by 2018.
The Chapman Tripp team advised on the acquisition, Overseas Investment Office (OIO) consent, the structuring of Shanghai CRED’s New Zealand entities and employment contracts and is assisting with immigration requirements.
Partner Bill Sandston led the team, which included senior associate Tessa Kennings and solicitor Ruonan Duan.
Bill Sandston said: “Overseas Investment Office (OIO) approval and Chinese language skills were integral to the deal’s success and we are one of the few full-service law firms able to support our clients in this way.
“Our work for Shanghai Cred, as well as our representation of Shanghai Pengxin in its Crafar Farms purchase and current takeover bid for Canterbury dairy farmer Synlait Farms, reinforces our reputation for acting on Chinese investors’ most complex OIO approvals.”