Green bill gives Parliament chance to debate foreign ownership

Parliament will have an opportunity to debate tightening our overseas ownership laws due to a Green Party bill that would restrict overseas buyers from purchasing New Zealand farmland, Green Party Co-leader Dr Russel Norman said today.

The Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill was today drawn from the members ballot. This Bill is designed to retain ownership and control of sensitive land within New Zealand. It amends the Overseas Investment Act 2005 to prevent overseas persons from purchasing sensitive land.

"New Zealanders are very concerned about losing control of our economic sovereignty and this bill gives Parliament an opportunity to address these concerns," said Dr Norman.

"With world commodity prices likely to once again surge, New Zealand must protect its global advantage by keeping New Zealand land for New Zealand citizens, permanent residents and companies.

"This bill does just that.

"It is not in New Zealand's long term strategic economic interests to rubber stamp large scale purchases of our farmland by overseas buyers.

"The public was very much against the Government allowing the sale of the Crafar farms to Chinese company Shanghai Pengxin.

"Yet the Key Government allowed this to happen by hiding behind our current weak laws regarding overseas investment.

"New Zealanders look likely to become tenants in their own country if we don't address this issue," said Dr Norman.

"Small and medium sized New Zealand farmers risk being priced out of the market if we continue to allow overseas buyers to purchase our farms.

"This bill is a good opportunity for this debate to be had in Parliament and for the public to have their say on this important issue."

Link to the overseas investment amendment bill:

http://www.greens.org.nz/bills/overseas-investment-restriction-foreign-ownership-land-amendment-bill