New legalisation and a development authority will be introduced this year as the Government changes its oversight of the Christchurch rebuild.
The Prime Minister has told 500 business leaders that the Greater Christchurch Regeneration Bill will be introduced to replace Cera's special powers.
John Key said it would apply to a much smaller area and core provisions will be updated.
He said in an effort to speed up lagging anchor projects, an organisation called Regenerate Christchurch would also be set up.
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It will work in with the Christchurch City Council, as it slowly takes back responsibility for the central city over the next few years.
Meanwhile, Canterbury Earthquake Recovery Minister Gerry Brownlee has announced the appointment of a preferred development partner for a massive residential development in the city.
Fletcher Residential will work with the Government on an $800 million East and North Frame residential precinct.
Seven hectares of land will be purchased in total -- between Manchester and Madras Streets.
It will provide space for around 940 new townhouses.