A pledge to reside permanently in New Zealand was sufficient for two Singaporean property investors to clinch Overseas Investment Office approval to buy a small Northland farm – and gain entry to the 2018 Rich List.
Granted permanent residency by virtue of their Category 1 investor status, accountants Bei Wong and Jeffrey Hing have invested here since 1999 and built up an impressive property portfolio in Auckland and Wellington that’s worth $300 million.
Among the jewels in the crown is a commercial office block in downtown Auckland with a rateable value of $65m, a $54m building in Mount Eden and another $34m block in Newmarket. One of their more canny investments appears to have been the acquisition of the Grey Lynn Countdown supermarket site, which cost $18m in 2010 and is now valued at $29m.
However, it was their love affair with a 246ha Northland farm that finally convinced the family to eventually live here. With attractive views over the upper Kaipara Harbour, the Kaiwaka property includes a large man-made lake and riparian rights with the frontage mainly in mangroves.
Wong and Hing paid $5.75m for the property in 2017 but were not required to show their investment in sensitive land was likely to benefit New Zealand because of their intention to live here. The sale was, however, conditional on Ms Wong becoming a New Zealand resident within three years – or the land must be sold.
According to OIA documents released to NBR under the Official Information Act, they were deemed to have a wealth of business experience in Singapore and New Zealand as financing/accounting professionals and property investors. Wong is a professional accountant with an MBA degree while Hing is also an accountant with more than 30 years’ experience in the marine and offshore industry.
In Singapore, Hing is the executive chairman of the publicly listed Penguin International, which designs, builds and owns high-speed aluminium craft. Penguin has a market capitalisation of $NZ76m and Hing lays claim to a 19% stake. They also jointly own their own shipping company, and were listed in the Panama Papers in relation to three companies registered in the British Virgin Islands.
Devout Christians, the couple attend the Life Church in Mt Eden. Hing established the Singapore Christian Foundation in 2008. Over the years they have made generous donation to local causes including to the Christchurch North Elim Church for earthquake victim relief.
The couple have two daughters. One of them is Basia – a co-director of their New Zealand companies – who graduated with law and commerce degrees from Auckland University and is now a Fonterra business graduate specialising in distribution and inventory planning.