A Queenstown land deal by a heavyweight corporate banker and his wife has been approved by the Overseas Investment Office.
Alexander and Jayne Kim Schrantz, of the United States, sought approval to invest up to $1.5 million in 4.5 hectares of freehold land at Jacks Pt.
The investment office said the pair wanted to buy land to build a home on and they agreed to make contributions toward further development of walking and cycling tracks in the Wakatipu basin.
They also pledged to make contributions towards research materials for schools or libraries in the district.
Mr Schrantz was hired by Citibank in Hong Kong last year as the head of corporate finance for Asia-Pacific after a career at Goldman Sachs and Barclays.
He was previously a member of the listing committee for the Hong Kong Stock Exchange. His wife is a writer and editor who also works with nonprofit organisations.
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