Support for tightening land sale rules

Prime Minister John Key says he is concerned that New Zealanders could become "tenants in their own land" and that is why the Government is looking at overseas investment rules around land sales to foreigners.

A TV3 poll released tonight showed 75.5 per cent of voters want the rules tightened, with only 8 per cent saying they should be relaxed.

Finance Minister Bill English is reviewing the Overseas Investment Act and Mr Key said at his post-cabinet press conference today he didn't want to prejudge the result of that.

He said it was necessary for the processes to be rapid and efficient, because foreign investment was welcome when it created job opportunities.

"We're also having a look at the broader issue of land because of the concerns that we hear in the community," he said.

"I am concerned about the risk that New Zealanders become tenants in their own land."

Mr Key said the fact that the big Crafar farms were on the market, with a Chinese bidder, had brought the issue of land sales into sharp focus.

He didn't think public concern related to the fact that one of the bidders was Chinese.

To read the full NZ Herald article, click here

Posted: 9 Aug 2010

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