Overseas investment decision for case 200610039 - Fong (Lynly Wai Yen)

To acquire:

1. an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area; and
2. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins any scientific, scenic, historic, or nature reserve under the Reserves Act 1977 that is administered by the Department of Conservation and that exceeds 0.4 hectares in area; and
3. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land held for conservation purposes under the Conservation Act 1987 (if that conservation land exceeds 0.4 hectares in area); and
4. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that exceeds 0.4 hectares that is an esplanade reserve, esplanade strip, recreation reserve, a road or a Maori reservation, that adjoins the sea or a lake.

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:

1. the creation of new employment opportunities;
2. the introduction of additional investment for development purposes; and
3. increased productivity.