NZ: Still selling tens of thousands of hectares land to foreigners

The Overseas Investment Office has approved multiple deals allowing foreigners to buy tens of thousands of hectares of land in New Zealand.

The new government wants to ban the sale of residential, farm and sensitive land to foreigners and is planning to overhaul the law. Meantime, deals are still being approved under the existing Overseas Investment Act to sell land classified as "sensitive" to foreign entities.

According to the NZ Herald in the largest deal released today, approval has been given for the overseas sale of just over 33,550 ha of rural New Zealand land to a mostly US-owned asset management firm.

As part of the approval, the investment was deemed to benefit New Zealand by creating two ongoing fulltime positions. It would also maintain the country's overseas image and international relations, the Overseas Investment Office (OIO) said.

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