Q: When is a forest not a forest?
Wednesday 28 Apr 2021A: When you sell it to become a subdivision; that’s when - (BusinessDesk) Shanghai billionaire to sell Puhoi forest estate. Asia Pacific International Group, owned by billionaire property developer and Shanghai businessman Furu Ding, is selling its 1,510-hectare forest estate at Moir Hill, near Puhoi north of Auckland.
The site, held across 45 titles with existing resource consent for the development of 207 lifestyle blocks, is expected to fetch above $200 million given current land values in the area. John Binning, of the property’s marketers JLL Brokers, said the subdivision sites would vary in size from 5,000 to 10,000sqm.
Ding, the owner of the Marriott Hotel at Shanghai’s Changfeng Park, was granted Overseas Investment Office (OIO) approval to buy the then 1,900ha site in 2010. Both the Mahurangi and Puhoi River run through the property, which has essentially been used for pine forestry to date. The OIO didn't disclose the purchase price.
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