2 or more foreign persons hold interests in the Australian urban land corporation, those foreign persons hold less than an aggregate substantial interest in that corporation; (k) who is an Australian citizen not ordinarily resident in Australia; (l) that is a corporation in which the government of an overseas country within the meaning of the Diplomatic Privileges and holds a substantial interest and the Immunities Act 1967 acquisition is of an interest in land where the land is to be used exclusively for the purposes of the diplomatic mission of that country or as a diplomatic residence; (m) that is an Australian corporation that is a foreign person only because of direct interests held in it by Australian citizens not ordinarily resident in Australia; (n) that is a trustee of a trust estate, where the trustee is a foreign person only because of direct interests held in the trust estate by Australian citizens not ordinarily resident in Australia; (o) where the acquisition is of units in a unit trust as a consequence of which: (i) the foreign person holds less than a substantial interest in an Australian urban land trust estate: (A) that is a unit trust that accepts funds from the public on the basis of a prospectus approved by the Corporate Affairs Commission of a State or Territory; (B) that has at least 100 unit holders; (C) that is primarily engaged in the development of land; and (D) that has less than 10 per cent of its real estate assets in the form of developed residential real estate that the trust has not developed itself; or (ii) the foreign person holds less than a substantial interest in an Australian urban land trust estate: (A) that is a unit trust that accepts funds from the public on the basis of a prospectus approved by the Corporate Affairs Commission of a State or Territory; (B) that has at least 100 unit holders; and (C) that has less than 10 per cent of its real estate assets in the form of developed residential real estate; or, where 2 or more foreign persons hold interests in the Australian urban land trust estate, those foreign persons
2 or more foreign persons hold interests in the Australian urban land corporation, those foreign persons hold less than an aggregate substantial interest in that corporation; (k) who is an Australian citizen not ordinarily resident in Australia; (l) that is a corporation in which the government of an overseas country within the meaning of the Diplomatic Privileges and Immunities Act 1967 holds a substantial interest and the acquisition is of an interest in land where the land is to be used exclusively for the purposes of the diplomatic mission of that country or as a diplomatic residence; (m) that is an Australian corporation that is a foreign person only because of direct interests held in it by Australian citizens not ordinarily resident in Australia; (n) that is a trustee of a trust estate, where the trustee is a foreign person only because of direct interests held in the trust estate by Australian citizens not ordinarily resident in Australia; (o) where the acquisition is of units in a unit trust as a consequence of which: (i) the foreign person holds less than a substantial interest in an Australian urban land trust estate: (A) that is a unit trust that accepts funds from the public on the basis of a prospectus approved by the Corporate Affairs Commission of a State or Territory; (B) that has at least 100 unit holders; (C) that is primarily engaged in the development of land; and (D) that has less than 10 per cent of its real estate assets in the form of developed residential real estate that the trust has not developed itself; or (ii) the foreign person holds less than a substantial interest in an Australian urban land trust estate: (A) that is a unit trust that accepts funds from the public on the basis of a prospectus approved by the Corporate Affairs Commission of a State or Territory; (B) that has at least 100 unit holders; and (C) that has less than 10 per cent of its real estate assets in the form of developed residential real estate; or, where 2 or more foreign persons hold interests in the Australian urban land trust estate, those foreign persons
FIRB-Annual-Report-2007-08_Appendix_E.docx