Resort development site to be sold by mortgagee

Saturday, 15 November 2025

The land for sale at Pegasus is zoned for a resort development.

Almost 6 hectares of land intended for an ambitious $100 million resort development at Pegasus, North Canterbury, is being sold by its mortgagee.

The sale follows the collapse of the development, which was projected to inject a one-off $75m into the region, with an ongoing annual visitor spend of $83m a year.

The property has been owned since 2018 by Auckland businessman Xiangming (Sam) Huo’s company Sports and Education Corporation Ltd.

The master plan sets out where the resort’s apartments, hotels, hot pools and other facilities would be.

Huo wanted to build a master-planned resort with hotels, a spa, swimming and hot pools, a country club, golf school and apartments.

The 5.9ha block is in three titles on Pegasus Blvd near Mapleham Drive.

The project was to take up to 15 years to develop and sit alongside the 18-hole Pegasus golf course and clubhouse facilities also owned by Sports and Education Corporation Ltd.

Resource consent approval for a conference hotel was granted by the Waimakariri District Council in January 2020, but the Covid pandemic scuttled plans to tender for a hotel operator.

There was a further hurdle when, after being unable to secure bank finance, Huo was also unable to secure overseas funding for the development.

In July 2023 he signed a joint venture agreement with Yellow River Global Capital Ltd, a Hong Kong company interested in putting $90m into the project.

But the investment did not happen.

The resort was forecast to bring millions of dollars into the region. (Artist’s impression)

Late last year, citing a change of circumstances, he put the entire property, including the golf course, on the market but it did not sell.

Rotorway Ltd, an investment arm of Yellow River Capital, then stepped in to try and halt the sale, claiming it had the sole right to buy the shares in Huo’s company and take over the property.

Rotorway’s application to the High Court in Auckland for an injunction to stop the sale process was declined. Marketing resumed, with real estate firm CBRE citing the land’s “tremendous future development potential”, but it did not sell.

An artist’s impression of homes in the resort.

Now, just the land for the resort development is for sale. It is mortgaged to Onelend Trustee Ltd, an Auckland-based finance company.

The land was given special purpose resort zoning following a successful rezoning application by Huo’s company to the Waimakariri District Council.

This zoning permits uses including hotel and visitor accommodation, tourism, spa, and wellness facilities, and hot pool complexes.

The land is for sale by tender with a December 11 deadline.

Marketing agent Bayleys describes it as an “exceptional opportunity” to secure a property with potential for a tourism, and wellness development. As well as the hotel consent, the property has consent for a golf education facility.

Sports and Education Corporation retains ownership of the golf course property, which covers 74ha and includes the 18-hole course, driving range, practice greens, shop, restaurant and bar, tennis court and gym.

Huo could not be contacted for comment on Thursday.