|Date||19 September 2006|
|Offeror/applicant||CDL Land New Zealand Limited|
|Ultimate applicant beneficial ownership||57.7837 percent - New Zealand, New Zealand Public|
22.0833 percent - Singapore, Hong Leong Group
20.133 percent - Singapore, Singapore Public
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||42.2163 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Trott (Laurence Raymond and Christine Dulcie) of New Zealand|
|Business activities||Property & Business Services - Property|
|Details of land involved||13.7163 hectares of freehold situated at 432 Prestons Road, Christchurch being CTs CB9K/366 and CB4A/1261 (Canterbury Registry).|
|Consent sought||To acquire:|
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.
The Applicant's core business is the acquisition of land for residential subdivision and development. The proposed acquisition will further strengthen and grow the Applicant's land bank and development portfolio. The subject property which is currently used by the vendors for grazing cattle and cropping is situated near land undergoing residential development. It is proposed that the land will be subdivided into 145 residential sections to be made available for sale to the open market. The subdivision development is likely to commence in 2010/2011.
The proposal is likely to result in the following benefits:
CDL Land New Zealand Limited
PO Box 3248