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Gulf Harbour sale likely to Chinese

06:00 AEST Mon Jun 18 2012
Gulf Harbour
Gulf Harbour

The Chinese businessman who purchased 16 Crafar family dairy farms from receivers is also buying the Gulf Harbour property development north of Auckland.

Jiang Zhaobai, one of China's wealthiest businessmen, is part of a syndicate behind Top Harbour Ltd, which is buying the property for $35 million, the Sunday Star-Times reported. The purchase involves 31 hectares of undeveloped land, most of which is zoned for residential development.

At that price second mortgage holder Allied Farmers Investments would get nothing on its $38m investment in the project and Bank of Scotland International would have a loss of about $83m, the newspaper reported.

Allied Farmers, a farm service company, previously purchased the assets of Hanover Finance, which included property developments.

The Gulf Harbour development is on the Whangaparaoa Peninsula. It includes a golf course and marina.

The Overseas Investment Office will consider the transaction.