$23m Chinese health product deal gets NZ approval

The deal is for shares in a business involved in producing the range of goods under the Good Health Products label, exported to China from New Zealand.

The Overseas Investment Office has granted consent for a Chinese healthfood deal involving assets worth $23.8 million.

The deal is for shares in a business involved in producing the range of goods under the Good Health Products label, exported to China from New Zealand.

China's Nanjing Sinolife United Company got consent to buy New Zealand assets from China's Shanghai Fosu Weishi Tranche One Private Equity Partnership.

"The applicant intends to continue to run the business in New Zealand and to grow sales of Good Health Products Limited's natural health products into the Chinese market," the decision sheet said.

An OIO application was necessary because land classified as sensitive was involved. That is 1.6ha at 8 Parkhead Place, North Harbour, Auckland.

"The applicant currently owns 60 per cent of the shares in Shanghai Weiyi Investment & Management Limited Company and intends to acquire a further 40 per cent to become the sole shareholder," the OIO said.

The deal would result in increased export receipts, jobs, more processing of primary products and more jobs in New Zealand, the OIO sheet said.

Assets involved were valued at $23,801,462.