Overseas investment decision for case 201420022 - Carrington Holiday Park Jade LP | Toitū Te Whenua

Applicant: Carrington Holiday Park Jade LP
Case number(s): 201420022
Decision date: 23 Mar 2015
Type: Decision

Decision	Consent granted Section 12(a) Overseas Investment Act 2005
Decision date	23 March 2015
Investment	An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 2.5 hectares of land located at Whatuwhiwhi Road, Karikari Peninsula (Whatuwhiwhi Top 10 Holiday Park).
Consideration	$3,880,000
Applicant	Carrington Holiday Park Jade LP Guo Jie Gui, China, People's Republic of (39%) China Public (61%)
Vendor	Whatuwhiwhi Holiday Park Limited New Zealand (100%)
Background	The Applicant intends to develop the existing accommodation business carried out on the Land by upgrading and building additional facilities. The acquisition will allow the Applicant to develop its adjoining Carrington Resort further and provide increased offerings to the tourism market. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 17(2)(a)(i) – Creation of Jobs 17(2)(a)(iii) – Increased export receipts 17(2)(a)(iv) – Greater productivity and efficiencies 17(2)(a)(v) – Additional investment for development purposes 17(2)(b) – Indigenous vegetation/fauna Overseas Investment Regulations 2005 28(e) – Previous investments 28(f) – Advance significant Government policy or strategy 28(g) – Enhance the viability of other investments 28(i) – Economic interests
More information	Bill A Sandston Chapman Tripp PO Box 2206 AUCKLAND 1140

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