Foreign Investment: Land Sales To Foreigners A Political Hot Potato
August 5th, 2010
The Govt has given the strongest indication so far the review of the overseas investment regime will consider ways to stop foreigners buying large tracts of NZ farmland. It’s a political hot potato since Hong Kong-based Natural Dairy put in a bid to buy the big Crafar farms and John Key says it’s likely to be covered by the review. Key says “if it’s just an exchange of land for money, I don’t see how it will advance NZ’s interests…I think the Minister probably will address it.” He meant Finance Minister Bill English, who is in charge of the review, and who admits it’s “tricky territory” and isn’t giving much away. English says “we’re trying to get a handle on how big an issue it might or might not be. What I think we need to do is work out what the harm could be before we jump to any conclusions.” English says it’s important to protect the things NZers treasure but on the other hand foreign investment is needed to create jobs. Labour says the Govt is confused and doesn’t know what to do while the Greens say Ministers are sending mixed messages.
Copyright © Trans Tasman Media Ltd
Duncan Cotterill