Investment in Forestry in Northland, New Zealand

July 2003 - John Chung established Prime Resources Company LTD (PRC) and invested in the forestry business 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.

1,860 ha of forestry land development in Puhoi, Auckland

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

2005 – 2007 – PRC managed the forestry blocks as regular forest operations 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 best outcome from the 1,860 Ha land use, as the site is close to Auckland City, with the motorway extension to the Puhoi area.

PRC proposed to Auckland Council (including Rodney District Council at the time) that the Puhoi forestry site be designated as a Special Zone. Under this proposal, PRC would be entitled to create rural lifestyle lots, provided the landowner established native bush and permanently vested approximately 1,660 hectares of the area for conservation. Auckland Council accepted this proposal, and the Puhoi forestry site was subsequently designated as a Special Zone. The designation allowed the subdivision of up to 166 rural lifestyle lots, conditional upon the conversion of 1,660 hectares of forestry land into regenerating native bush and the permanent vesting of that land for conservation. 

Mid-2010 – A Chinese businessman offered to purchase the whole Puhoi forestry site with the entitlement of 166 lifestyle subdivision lots, subject to obtaining 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 Warkworth has been planned across the Puhoi forestry site.