PHOTO: LUKE KIRKEBY/ STUFF The Okoroire Hot Springs Hotel is being sold after its foreign owners failed to undertake a promised redevelopment.
A historic hotel is being sold after its foreign owners failed to undertake a promised redevelopment.
The sale, ordered by the Overseas Investment Office, continues a crackdown on offshore investors by the envigorated Government regulator, which has boosted monitoring and enforcement in the last three years.
Kingstown Blue Spring Resort Ltd – owned by Chinese investors Feng Zhiguo, Jin Hui, and Wang Yaming – bought the Okoroire Hot Springs Hotel, set on 27 hectares of land near Tirau, Waikato, in 2014.
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