Company History 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 Northland in NZ.
Investment in Forestry in Northland in New Zealand
October 2003 – PRC takeovers one of the biggest Sawmill Company in Gisborne, which was in receivership due to financial difficulties, and changed the name of company as Prime Sawmilling Company.
2004 – Through PRC’s investment and undertaking an efficient management and exporting timber to USA market, the sawmilling business turnover was profitable from mid - 2004.
November 2004 – PRC received an offer from Earnslow One LTD which wished to takeover Prime Sawmilling Company. PRC accepted the offer. As a consequence, Prime Sawmilling Company became one of subsidiary companies of Earnslow One LTD. Earnslow One was the company holding large forest blocks in Gisborne and Coromandel.
Investment in Sawmill in Gisborne
Early 2005 – PRC purchased 1,860 ha of forestry block adjacent to Puhoi and Maurangi west, North Auckland District (Puhoi forestry site) from Cater Holt Harvey Ltd.
2005 – 2007 – PRC operated the forestry business including harvesting trees and planting, etc.
2008 - 2010 – PRC proposed and discussed with Auckland Council (Rodney District Council at that time) to designate the Puhoi forestry site to be nominated as a Special Zone where PRC could have an entitlement to create a rural life-style 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. Auckland Council had made a decision to designate the Puhoi forestry site as per the proposal and discussion. As a consequence, the Puhoi forestry site was designated as a Special Zone which might be able to be subdivided maximum 170 rural life-style lots provided that 1,700 ha forestry land is converted with native bush (establishment) and vested the area for conservation permanently.
Mid- 2010 – A Chines business man offered to purchase the 1,860 ha Puhoi forestry site. PRC accepted the offer to sell the 1860 ha Puhoi forestry site with the Special Zone entitlement agreement with the Council. The new motor way extension to the Workworth was planned to construct across the Puhoi forestry site since then.
Subdivision development in Puhoi
2007 - Current : Karaka, South Auckland
PRC has been carrying out 3 Subdivision projects in Karaka, South Auckland suitable for life-style living based on Environment lots provision which requires enhancement of natural feature with native restoration planting and others;
Project 1; 127-161 Batty Road (BushLake Way):
1. PRC had initially applied a subdivision consent based on Farm park provision in 2005. Franklin District Council (FDC) did not accept the application which resulted in mediation proceeding through the Environment Court. The court determined that 6 additional lots should be created provided that PRC undertook the Environment Enhancement planting on the site with 16 ha native planting along the existing stream. The Environment Court endorsed the agreement between PRC and FDC on March 2013 and issued the Resource Consent.
2. PRC had implemented the 16 ha native planting and maintenance works for 3 years including other requirements under the conditions of the Consent. The Council issued s224 certificate in October 2015. PRC registered new titles and sold all the subdivided lots until 2016. Accordingly, the project 1 had been successfully completed.
Subdivision in Karaka
For ongoing Projects: