PM down­plays con­cerns over for­eign buy­ers

Manawatu Standard - Property Weekly - - Front Page -

Prime Min­is­ter John Key has down­played con­cerns about the sale of large tracts of pro­duc­tive land to for­eign buy­ers, say­ing the trend was not ‘‘alarm­ing’’. KPMG’s For­eign In­vest­ment in New Zealand re­port, re­leased this week, showed in­creas­ing for­eign in­vest­ment in land, forests and other pro­duc­tive as­sets in the last two years. The sur­vey, which was based on Over­seas In­vest­ment Of­fice (OIO) re­ports, showed Cana­di­ans were the big­gest for­eign in­vestors in New Zealand since 2013. Speak­ing to re­porters at his weekly press con­fer­ence, Mr Key said the OIO data did not pro­vide a com­plete pic­ture be­cause it only in­cluded in­vest­ment above a spec­i­fied thresh­old. The OIO only re­quired no­ti­fi­ca­tion of in­vest­ments worth more than $100 mil­lion un­less they in­volved fish­eries or cul­tur­ally sen­si­tive land.

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