Section 12(b) Overseas Investment Act 2005
|Decision date||13 April 2012|
An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the shares of Cathedral Square Investments Limited which owns or controls a freehold interest in 250 hectares of land at Terrace Downs Resort, Coleridge Road, South Canterbury.
Cathedral Square Investments Limited
The Applicant is exercising rights to acquire ownership of the shares in Cathedral Square Investments Limited, which owns Terrace Downs Resort (“the Resort”). The Applicant intends to work with current management to improve the Resort so that it becomes globally recognised as a leading luxury golf and adventure destination.
The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:
Overseas Investment Act 2005
- 17(2)(a)(i) – Retention of jobs
- 17(2)(a)(iii) – Increased export receipts
- 17(2)(a)(iv) - Greater efficiency or productivity
- 17(2)(f) – Offer to sell riverbed to the Crown
Overseas Investment Regulations 2005
- 28(a) – Consequential benefits
- 28(f) – Advance significant government policy or strategy
Minter Ellison Rudd Watts
PO Box 3798
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