Clampdown on foreign farm buyers scares off investors with 'tens of millions' in funds, agents say

Tue, 19 Jun 2018

By Jonathan Underhill June 19 (BusinessDesk) - The government's directive to the Overseas Investment Office to raise the bar in overseas applications to buy sensitive New Zealand land has scared away tens of millions of dollars in investments in rural property and will hurt farm values, real estate firms say. The ministerial directive in a letter from Finance Minister Grant Robertson last November to Land Information NZ chief Andrew Crisp said the government is concerned to ensure any benefits from overseas investment in rural land "are g...

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