Another Chinese company has fallen foul of strict Overseas Investment Office rules
Another Chinese company has fallen foul of strict Overseas Investment Office rules
30 July 2021
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.
© 2024 Newstalk ZB, NZCity