NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / New Zealand

Land sales to foreign buyers at 7-year high

NZ Herald
3 Jan, 2014 04:30 PM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

Canadian film director James Cameron and his wife Suzy Amis own more than 1500ha of property in the Wairarapa. Photo / AP

Canadian film director James Cameron and his wife Suzy Amis own more than 1500ha of property in the Wairarapa. Photo / AP

Poll shows concern as MPs prepare to debate Labour bill strengthening the rules

Sales of land to overseas investors have hit a seven-year high, just as a Herald-DigiPoll survey shows the issue remains a worry for a majority of New Zealanders.

Overseas Investment Office figures show a net 73,143ha - an area larger than Lake Taupo - had been sold to foreign investors by October. Even with sales for the final two months of 2013 yet to be counted, that is the highest annual tally since Carter Holt Harvey sold 176,902ha of forests to United States company Hancock in 2006, which pushed the total that year to 198,346ha.

Lake Taupo occupies about 62,000ha.

A member's bill from Labour MP and former Foreign Minister Phil Goff to limit rural land sales to foreigners was recently drawn from Parliament's ballot and will be debated early this year. In a December Herald-DigiPoll survey, 54.5 per cent of 750 New Zealanders agreed the bill was "sound and should be supported".

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

That follows fears overseas buyers have been inflating residential property prices, particularly in Auckland.

The bill is an updated version of one David Shearer put forward early in his term as Labour leader amid public anxiety sparked by the sale of the Crafar dairy farming empire to Chinese company Shanghai Pengxin. The purchase was dogged by ultimately unsuccessful court action to prevent it on the grounds it did not meet economic benefit tests under the Overseas Investment Act.

Just over a third of those polled last month said Mr Goff's bill was pandering to people's prejudices and should be opposed.

Mr Goff acknowledged that much of the opposition to the Shanghai Pengxin purchase appeared to be because the company was Chinese.

Advertisement
Advertise with NZME.

"That's not what my bill is about at all. My bill will apply as much to Americans and Brits as it will Chinese or any other investors.

"If there are significant net benefits in terms of jobs and growth and exports and it helps New Zealand, then of course we'd entertain an application to purchase the land. It's not an absolute prohibition. It simply says the onus then rests on the purchaser to show that it meets the criteria that are set out clearly in the bill."

Mr Goff's bill narrows the discretion ministers have to approve sales by setting out specific criteria they must follow. They include the test that the purchase must result in greater economic benefits such as new jobs and exports than the same investment by a New Zealander would bring.

Finance Minister Bill English has said the bill does not do anything not provided for in his 2010 changes to overseas investment rules. He said that while the poll result confirmed that New Zealanders expected rural land sales to foreign investors to deliver benefits to New Zealand, "this is already captured in existing legislation and the test of the benefit was confirmed by the Crafar Farms court case".

Discover more

Agribusiness

NZ foreign investment rises by $5b

17 Oct 11:00 PM
Opinion

Bryan Gould: Speak up - we can resist the powerful

05 Dec 08:30 PM
Opinion

Rachel Dunne: What's making the market buzz

29 Dec 04:30 PM
New Zealand

Spaceship home flies south

04 Jan 08:50 PM

Duty Minister Chris Finlayson defends the existing legislation as adequately protecting New Zealand's economic interests, and he derided Mr Goff's bill yesterday as "more shameless backbench opportunism".

"The Overseas Investment Act already requires that foreign investors in strategically important land demonstrate substantial economic benefits for the country," he said through a spokesman.

But Mr Goff said National's changes had not changed the scale of rural land sales to foreign interests.

Net annual land sales to foreigners averaged 17,742ha before the changes, and 58,238ha afterwards.

He pointed to the purpose clause of his bill which says it is "to substantially limit the sale of rural land to overseas interests".

"The minister must now be convinced and be able to demonstrate there is a net clear benefit and the minister is directed under the purpose clause to actually limit land sales.

Advertisement
Advertise with NZME.

"It gives New Zealanders greater confidence that the act is doing what the National Government pretended they wanted to do when they saw the writing on the wall in terms of public opinion in New Zealand."

Spokesman for lobby group Save Our Farms Tony Bouchier said the DigiPoll survey reflected what his group already knew, "that a huge number of New Zealanders are concerned about the sale of our agricultural land to overseas investors".

Mr English's comment that the bill effectively preserved the status quo was untrue, he said.

Mr Bouchier added that the strength of support for Mr Goff's bill in the poll suggested at least some National supporters backed it.

Save

    Share this article

Latest from New Zealand

New Zealand

'Serious injuries': Crews work to free people after Tasman SH6 crash

19 Jun 09:24 AM
Premium
Opinion

Opinion: Jewish communities facing increased threats

19 Jun 09:00 AM
New Zealand

Thirty-one players win $12k each in Lotto's Second Division draw

19 Jun 07:57 AM

Jono and Ben brew up a tea-fuelled adventure in Sri Lanka

sponsored
Advertisement
Advertise with NZME.

Latest from New Zealand

'Serious injuries': Crews work to free people after Tasman SH6 crash

'Serious injuries': Crews work to free people after Tasman SH6 crash

19 Jun 09:24 AM

Emergency services were called to the scene about 8.30pm.

Premium
Opinion: Jewish communities facing increased threats

Opinion: Jewish communities facing increased threats

19 Jun 09:00 AM
Thirty-one players win $12k each in Lotto's Second Division draw

Thirty-one players win $12k each in Lotto's Second Division draw

19 Jun 07:57 AM
Probe into man who abused girl as he read her stories led to another sinister finding

Probe into man who abused girl as he read her stories led to another sinister finding

19 Jun 07:00 AM
Help for those helping hardest-hit
sponsored

Help for those helping hardest-hit

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP