Milestone
Company History in New Zealand

Investment in Forestry in Northland in New Zealand

July 2003 – John Chung established a company under the name of Prime Resources Company LTD (PRC) and invested in forestry business in the Northland region in NZ.

Investment in Sawmill in Gisborne

October 2003 – PRC had taken over one of the biggest Sawmill Company on the East Coast; the sawmilling company was under receivership due to financial difficulties.

2004 – PRC had put further investment, carried out the business efficiently, and expanded the export market to the USA; the sawmilling business turned into a profitable business in mid-2004. (see the photos below show the operation of sawmilling in Gisborne)

November 2004 – PRC received an offer from a big forestry company that wished to take over our Sawmilling Company in Gisborne. PRC accepted the offer and sold the Sawmilling Company in early 2005.

Subdivision development in Puhoi, Auckland

Early 2005 – PRC purchased 1,860 ha of forestry blocks adjacent to Puhoi and Maurangi West, which Cater Holt Harvey Ltd owned.

2005 – 2007 – PRC managed the forestry blocks as regular forest operation in earlier stages, including harvesting trees and replanting.

2008 - 2010 – PRC had to set a new strategy that changed the land use from forestry business to lifestyle residential development to gain maximum outcome from the 1,860 Ha land use as the site is close to Auckland City with the motorway extension to the Puhoi area. Consequently, PRC proposed and discussed with Auckland Council (including Rodney District Council at the time) to designate the Puhoi forestry site to be nominated as a Special Zone where PRC could have an entitlement to create a rural lifestyle lot provided that the land owner established minimum 10 ha of native bush with protection and vested the area for conservation per one lot (1 ha size per title) creation. As a result, Auckland Council decided to designate the Puhoi forestry site as per PRC’s proposed plan. As a consequence, the Puhoi forestry site was designated as a Special Zone provided that the owner of the land was able to subdivide a maximum of 166 rural lifestyle lots (on approx. 200 Ha areas) provided that 1,660 ha forestry land was converted with native bush establishment (with regeneration of native trees on the land) and vested the area for conservation permanently.

Mid-2010 – A Chinese businessman offered to purchase the 1,860-ha Puhoi forestry site with the entitlement of 166 lifestyle subdivision lots subject to Resource Consent. PRC accepted the offer to sell the 1,860 ha Puhoi forestry site with the Special Zone entitlement agreement with the Council. Since then, the new motorway extension to the Warkworth has been planned across the Puhoi forestry site.

Lifestyle residential development at Karaka, South Auckland

PRC has been carrying out 3 Subdivision projects in Karaka, South Auckland, for lifestyle living and sustainable farming based on environmental lots provision, which requires enhancement of natural features with native restoration planting to get an entitlement of subdivision;

Project 1: 65 ha of land was developed for lifestyle living at Batty Road, Karaka, Auckland:

65 Ha of land was developed with the enhancement of the environment, including 16 ha of native planting and restoration of the area to comply with the consent conditions. The Council issued seven lots with new titles in 2015. PRC completed the development of 7 new lifestyle living properties and sold all of them successfully.

Project 2: 50 ha of land was developed for lifestyle living at Batty Road, Karaka, Auckland.

Project 3: 27 ha of land was developed for lifestyle living at Liwood Road, Karaka, Auckland.