Overseas investment decision for case 200720029 - Trade Lines Malaysian Limited

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 0.2 hectares and adjoins the foreshore; and
3. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins any regional park created under the Local Government Act 1974; and
4. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land over 0.4 hectares that includes a historic place, historic area, wahi tapu, or wahi tapu area that is registered or for which there is an application or proposal for registration under the Historic Places Act 1993; and
5. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land over 0.4 hectares that is subject to a heritage order, or a requirement for a heritage order, under the Resource Management Act 1991 or by the Historic Places Trust under the Historic Places Act 1993; and
6. 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 a road, 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 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 are of good character and are not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant proposes to acquire the subject property which is situated in close vicinity to land currently owned by the Applicant and known as Kaurilands (refer A200220113/D200220111 and A200520105/D200610006).

This acquisition will enable the Applicant to develop a Wagyu cross beef breeding herd supported by a breeding ewe flock. Labour will be shared across the subject property and Kaurilands. Also, weaners will be transferred from the subject property to Kaurilands and then in-calf heifers transferred back from Kaurilands.

A related company to the Applicant is one of the largest beef producers in Western Australia and operates one of the largest polo pony breeding and training operations in Australia. It is intended that the New Zealand operation will become an integral part of the Western Australian operations providing live bulls, horses and semen for breeding programmes in Western Australia.

The proposal is likely to result in the following benefits:

1. the creation of new job opportunities in New Zealand;
2. increased export receipts for New Zealand exporters;
3. increased productivity in New Zealand;
4. the introduction into New Zealand of development investment for development purposes.