Overseas investment decision for case 200720023 - CDL Land New Zealand Limited | Toitū Te Whenua

Applicant: CDL Land New Zealand Limited
Case number(s): 200720023
Decision date: 4 Sep 2007
Type: Decision

Decision number	200720023
Application number	200720010
Date	5 September 2007
Offeror/applicant	CDL Land New Zealand Limited
Ultimate applicant beneficial ownership	54.8345 percent - New Zealand, New Zealand Public 23.6261 percent - Singapore, Hong Leong Group 21.5394 percent - Singapore, Singapore Public
Beneficial overseas ownership
- Asset current	0 percent
- Asset proposed	45.1655 percent
- Share current	N/A
- Share proposed	N/A
Offeree(s)/seller(s)	McMullan (Kathleen) of New Zealand
Business activities	Construction - Other
Details of land involved	10.9265 hectares of freehold situated at 119 Mairehau Road, Christchurch. being CT CB246/59 (Canterbury Registry).
Regions involved	Canterbury
Total consideration	$3,715,000
Consent sought	To acquire 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.
Rationale	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. Background: CDL Land New Zealand Limited (CDL) proposes to subdivide the subject land in conjunction with its adjoining land holding. CDL's adjoining land is located at 440 Prestons Road, Marshland, Christchurch and has been subject to OIO approval. Outline of Proposed Development: Land development and subdivision is CDL's core business and it is intended in due course that this land will be subdivided into approximately 120 standard residential sections and made available for sale on the open New Zealand market. CDL anticipate the total timeframe for the development and sale of the 120 lots to take up to five years from commencement. Rationale for Proposed Development: This transaction would significantly enhance the ongoing viability of the portfolio of properties currently owned and operated by CDL Land New Zealand. The transaction is vital for the continued growth of the company. The relevant land adjoins other land already purchased, or planned to be purchased by the Applicant. The land has been identified as critical to the activities of CDL in the South Island. The proposal is likely to result in the following benefits: the creation of job opportunities; and the introduction of additional investment in New Zealand for development purposes.
Contact	Takeshi Ito CDL Land New Zealand Limited PO Box 3248 AUCKLAND

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