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 LandlordPrime 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.
Read More - Opens in a new window
Commenting is closed
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.
LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.