A bill that would tighten rules on foreign companies owning New Zealand farmland by stopping it from being bought will be debated in Parliament today.
Green Party co-leader Russel Norman's members' bill will tighten rules of overseas ownership and will prevent foreign companies buying New Zealand farmland bigger than five hectares. If passed, the Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill will amend the Overseas Investment Act 2005 and prevent the sale of "sensitive" land such as the sale of Crafar farms to Chinese company Shanghai Pengxin.
Under existing law, sensitive land can be bought with consent from the Overseas Investment Office.
Land is classified as sensitive if its non-urban land over five hectares, land on islands, foreshore and seabed, on the bed of a lake, land held for conservation purposes under the Conservation Act, land subject to a heritage order and historic places.
Land next to any of these sites can also be classified as "sensitive" land.