Timbergrow Limited

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DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date3 September 2012
Investment
An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,330.9890 hectares of land at 3803 Waihopai Valley Road, Marlborough.
Consideration$2,100,000
Applicant
Timbergrow Limited
Tiong Thai King, Malaysia (70.0%)
Tiong Family, Malaysia (15.0%)
Tiong Hiew King, Malaysia (10.0%)
Tiong Ik King, Malaysia (5.0%)
Vendor
Christopher Joseph Lovell and Caroline Susan Lovell
New Zealand (100%)
Background
The land is being acquired for conversion to forestry.
 
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) – Creation of jobs
-17(2)(a)(iii) – Increased export receipts
-17(2)(a)(v) – Additional investment for development purposes
-17(2)(a)(vi) – Increased processing of primary products
-17(2)(b) – Indigenous Vegetation/Fauna
-17(2)(e) – Walking access
 
Overseas Investment Regulations 2005
-28(e) – Previous investments
More information
Deirdre Norris
Glaister Ennor
PO Box 63
AUCKLAND

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