PM downplays concerns over foreign buyers
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.