Property

New rules on foreign land sales kept secret

The Cabinet has approved a sweeping rewrite of the the way land and company sales to foreigners are monitored, but is keeping details under wraps for now.

Tuesday, July 06th 2004

Prime Minister Helen Clark confirmed a decision had been made yesterday but said Finance Minister Michael Cullen would make an announcement in due course.

A complete review of the Overseas Investment Commission was a complex issue that Dr Cullen wanted to present properly, she said.

It is understood ministers are considering a radical Treasury proposal to lift the threshold for scrutiny of proposed company sales to $250 million.

Sources said they would pare back the Treasury's plan, though the threshold would almost certainly go up from the present $50 million.

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