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The Christchurch teenagers have been charged with unlawfully taking a motor vehicle and theft, while two of them are also facing aggravated robbery charges in connection with the alleged assault on Birchs Rd.
They are being dealt with in the Youth Court.
The victim, aged in his 70s, heard a noise on his property about 9.20pm and went outside to find his shed being broken into.
He found a youth holding a petrol can.
Three other youths ran from the shed and the elderly man was allegedly punched in the eye.
Selwyn youth aid officer, Senior Constable Bruce Ward, said it was pleased to see the case result in charges following the work of officers at the Christchurch youth crime unit.
It had been a serious incident and one which was rare for the Selwyn district, he said.
"We don’t come across this sort of offending very often at all, especially in Selwyn," Ward said.