An Austrian billionaire has won state clearance to buy a Hawke's Bay station for $8 million.
The Overseas Investment Office granted consent for Wolfgang Leitner to buy the 800ha Ponui Station at Kotemaori, Wairoa. The vendor is Ponui Station Ltd owned by Annette Elizabeth Couper and Jellicoe Trustee Services.
Leitner's fortune has been estimated US$1.5 billion and his application was approved under a special forestry test, brought in more than a year ago, to smooth the way for more forestry investment.
The station has 713ha in grazing for sheep and beef sock, 14ha of commercial forestry and Leitner plans to plant a further 640ha in commercial forestry.