|Date||10 April 2006|
|Offeror/applicant||Fong (Lynly Wai Yen) of Hong Kong|
|Ultimate applicant beneficial ownership||100 percent - Hong Kong|
|Beneficial overseas ownership|
|- Asset current||100 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Steele (Jefferson Osborn) of United States of America|
|Business activities||Agriculture - Sheep, Beef, Cattle|
|Details of land involved||0.3445 hectares of land and 37.1362 hectares (being a one-twenty-seventh interest in 1,002.678 hectares) of land situated at Closeburn Station, Queenstown being CT OT13470 (Otago Registry)|
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the Applicant has business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the Applicant is of good character and not the kind of person referred to in section 7(1) of the Immigration Act 1987.
The Applicant proposes to acquire a lifestyle lot comprising 0.3445 hectares and a 1/27 interest in 1,002.678 hectares situated on the rural residential subdivision development of Closeburn Station. The Closeburn Station development was established to provide capital to enable the farming operation of Closeburn Station to be preserved, developed and operated as an economic unit. The acquisition will provide the Applicant with a base in Central Otago from which to manage investments in New Zealand.
The proposal is likely to result in a continuation of the benefits resulting from the overall development at Closeburn Station. These benefits include:
Macalister Todd Phillips Bodkins
P O Box 653