[29 November/ Stuff]

Land Information Minister, Eugenie Sage, and Associate Finance Minister, David Parker, have announced restrictions on foreign land buyers. The new restrictions meant any sale of more than five hectares of New Zealand land to a foreign buyer would have to undergo scrutiny by the Overseas investment Office before it could be approved. Ms Sage explained that the existing directive was very weak and generally only applied to sheep and beef farms of more than 7,000 hectares. Ms Sage added that the new directive put a greater emphasis on the importance of jobs, new technology and business skills, increased exports, processing of primary products, and the oversight and participation of New Zealanders.