Property developers fined $123k for breaking overseas investment rules
A new $85 million Catholic cathedral will be built in the centre of a The owners of a Birkenhead property have been fined $123,000 for failing to get consent from the Overseas Investment Office.
The High Court at Auckland has ordered FFG Investments and Grand Sky to pay the penalty, and $10,000 in costs, following an investigation by the office, according to a statement just issued.
FFG and Grand Sky have the same shareholders, the office said. Companies Office records show they are Yijun Feng and Yuntao Cai, both of Windsor Park in Auckland, and Fi Wen of Shan Xi in China.