Page 7 - Zhao Bin News Today : Breaking News, Live Updates & Top Stories | Vimarsana

• Source:  The High Court has ordered a foreign land investor who breached investment rules to pay nearly $50,000. High Court generic image Source: rnz.co.nz Investor Zhao Bin tried and then abandoned a bid to buy a $6 million northern Auckland property in 2014 without seeking Overseas Investment Office approval. He then entered into a 10-year lease for the same land for $1 a year, with right of renewal. It was only four years later that Zhao consulted a different lawyer, who rep...

Photo: RNZ / Richard Tindiller Investor Zhao Bin tried and then abandoned a bid to buy a $6 million northern Auckland property in 2014 without seeking Overseas Investment Office approval. He then entered into a 10-year lease for the same land for $1 a year, with right of renewal. It was only four years later that Zhao consulted a different lawyer, who reported the arrangement to the Overseas Investment Office. It said he had failed to seek or receive consent. The High Court ordered him to pay a fine of $49,000, less than 1 percent of the land value, and $15,000 in costs. Share this