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23 Sep 2021 17:24
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  •   Home > News > Business

    Another Chinese company has fallen foul of strict Overseas Investment Office rules

    Another Chinese company has fallen foul of strict Overseas Investment Office rules


    Xindongyue Group New Zealand was granted consent to buy a vineyard on the southern shores of the Manukau Harbour, for just under three million dollars in 2014.

    But, it's been forced to offload the Karaka Point Vineyard and Lodge at a huge loss.

    The Chinese company promised to export 131-thousand bottles of boutique wine to China within three years -- creating jobs and increasing investment and export receipts.

    But, documents released under the Official Information Act show fewer than 10-thousand bottles were produced between 2015 and 2017.

    The investors were forced to sell the property at a 600-thousand dollar loss.

    © 2021 Newstalk ZB, NZCity

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