Decision number200520047
Application number200520061
Date7 September 2005
Offeror/applicantd'Elia (Serge Max and Lillian Ching Shio Lai)
Ultimate applicant beneficial ownership100 percent - United States of America
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Tui Farm Park Limited of New Zealand
Business activitiesAgriculture - Sheep, Beef, Cattle
Lifestyle Property
Agriculture - Scrub/Native Bush
Details of land involved2.0209 hectares in fee simple together with a 1/8th undivided share in 297.71 hectares more or less situated at Lake Coleridge Road, Rakaia Gorge, Canterbury and described in CTs 235748 AND 235749 (Canterbury Registry).
Regions involvedCanterbury
Total consideration$2,362,500
Consent Sought - 1995 Regs

To acquire:

  1. an estate or interest in land which together with any associated land exceeds 0.4 hectares and includes/adjoins land that exceeds 0.4 hectares which is provided as a reserve, a public park, for recreation purposes, or a private open space; and
  2. an estate or interest in land which together with any associated land exceeds five hectares in area.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicants have business experience and acumen relevant to and are demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicants are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

The acquisition of the land (comprising two Lots and an undivided 2/16th share in the Tui Farm park development) by the Applicant is part of a rural lifestyle subdivision development on Tui Creek known as Tui Farm Park. The establishment and sale of the lifestyle lots will provide capital that will enable the farming operation of Tui Creek to become economically viable, and also to preserve and enhance the conservation values of the property.

The proposed acquisition is likely to ensure that the benefits from the development of the Tui Creek property will occur. These include:

  1. the creation of new job opportunities;
  2. the introduction of development capital;
  3. increased productivity; and
  4. the preservation of the conservation features contained within the property.
ContactJason Cowan
Duncan Cotterill
PO Box 5
CHRISTCHURCH