|Date||1 June 2006|
|Offeror/applicant||Jacks Point Limited|
|Ultimate applicant beneficial ownership||60 percent - Hong Kong, SEA Holdings Limited|
30 percent - New Zealand, Pacific Resort Holdings Limited
10 percent - New Zealand, Fletcher (Donald)
|Beneficial overseas ownership|
|- Asset current||85.19 percent|
|- Asset proposed||60 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Henley Downs Holdings Limited|
50 percent - Singapore, Chang (Brian)
50 percent - Singapore, Lee (Pei-Ru Alice) as trustee for (Heng) Fong Wei
|Business activities||Property & Business Services - Property|
|Details of land involved||24 hectares of leasehold situated at State Highway 6 (Frankton-Kingston), Queenstown being part CT 147424 (Otago Registry).|
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.
On 11 December 2001, consent was granted (A200120122/D200120116) to Jacks Point Limited (JPL) to acquire 403.589 hectares of land situated at Jacks Point in Queenstown. The Jacks Point development will include an 18 hole championship golf course, a lodge, resort accommodation, residential homes, a club house, gym, equestrian facilities, village and business centre.
This transaction is for JPL to lease 24 hectares of land from the neighbouring developer, Henley Downs Holdings Limited (Henley), in order to complete the development of the proposed golf course. Seven holes of golf will be developed on the subject leased land.
The proposal is likely to enable the completion of the golf course which is likely to result in the following benefits:
Anderson Lloyd Caudwell
Private Bag 1959