The Government has approved the sale of the Wellington electricity network to a Chinese investor.
The Vector power lines company applied to the Overseas Investment Office to sell the network for $NZ785 million.
Consent has now been granted for Cheung Kong Infrastructure Holdings and Hong Kong Electric Holdings to purchase the network.
The companies form part of the Cheung Kong group, which is the largest business conglomerate in Hong Kong.
Finance Minister Michael Cullen says he's confident the the buyers have met all of the Overseas Investment Act criteria.
He says the network, which serves Lower Hutt, Upper Hutt, Porirua and Wellington, does not involve sensitive land.