Property Investor who breached rules fined $50,000

PHOTO: Photo: RNZ / Richard Tindiller

The High Court has ordered a foreign land investor who breached investment rules to pay nearly $50,000.

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.

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