Order under subsection 69(2) – Australia Ocean Investment Pty Ltd as the Trustee for the Xiang Yun Trust (Cth)

COMMONWEALTH OF AUSTRALIA

Foreign Acquisitions and Takeovers Act 1975

ORDER UNDER SUBSECTION 69(2)

WHEREAS --

(A) Australia Ocean Investment Pty Ltd as the Trustee for the Xiang Yun Trust (Australia Ocean Investment) acquired an interest in Australian land situated at Lot 17 in deposited plan 238912 at Cecil Park (Folio 17/238912), known as 80‑84 Goodrich Road, Cecil Park, New South Wales 2178 (the land) in 2017;

(B) I am satisfied that Australia Ocean Investment's acquisition of an interest in the land was a significant action. The significant action involved the acquisition of an interest in Australian land by a foreign person and the threshold test was met in acquiring that interest as the land was residential land (which is land without threshold value); and

(C) I am satisfied that the result of that significant action is contrary to the national interest.

NOW THEREFORE

I, SOPHIE LEWIS, Assistant Commissioner at the Australian Taxation Office, hereby make an order in accordance with item 7 of the table in subsection 69(2) of the Foreign Acquisitions and Takeovers Act 1975, directing Australia Ocean Investment to DISPOSE of its interest in the land, by midnight (Canberra time) 3 months from the date that this order commences, to one or more persons who are not its associates.

This order commences on the day that is 30 days after it is registered on the Federal Register of Legislation.

Dated 9 August 2018

Sophie Lewis Assistant Commissioner, Australian Taxation Office