Treasury recommends relaxing of land controls

Monday 7 June 2004

A Treasury paper to Finance Minister Michael Cullen has recommended relaxing controls on the sale of non-coastal land worth more than $10 million to overseas investors.

By The Landlord

The paper also recommends that only company sales over $250 million be investigated, and that the Overseas Investment Commission be abolished in favour of Land Information New Zealand.

Dr Cullen confirmed he had received a paper containing the recommendations but said that did not mean they would be acted upon.

"(This) is about a Treasury paper which isn't even what is going to be going to cabinet when I finally finish having my discussions and drafting, which isn't yet," he said.

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