Hon Dr MEGAN WOODS: The member is taking a very simplistic analysis to this. So the purchase price was $8.17 million including GST. An independent valuation that was provided in June of this year was $8.5 million. The rateable value (RV) was $4.31 million. I would note to the member that residential properties in Rotorua are selling, on average, 25 percent RV, as well as a range of other factors. But I would also note this is in line with previous purchases of motels, such as the Takanini motel that had a statutory rating valuation of $1.3 million but the purchase price was $2.65 million—this was, of course, in December 2016—the Eastland Motel, that had a statutory rating value of $910,000 but the purchase cost was $2.1 million—this was in June 2017—The Clansman Motel, a statutory rating valuation of $900,000 but was purchased for $1.84 million—this was also in June of 2017. Then—