Foreign farm ownership to be limited in New Zealand

THE New Zealand government is to clamp down on overseas investors buying large land holdings, due to public concern that foreigners are buying too much farmland.

New measures will allow government officials to consider if New Zealand’s economic interests are adequately safeguarded and promoted in land deals.

Widespread concern had been sparked by a Hong Kong-based company’s bid to buy 16 farms, covering 20,000 acres in the central North Island.