New rules on foreign land sales kept secret

Tuesday 6 July 2004

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.

By The Landlord

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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