Treasury recommends relaxing of land controls
A Treasury paper to Finance Minister Michael Cullen has recommended relaxing controls on the sale of non-coastal land worth more than $10 million to overseas investors.
Monday, June 7th 2004, 8:06AM
by The Landlord
The paper also recommends that only company sales over $250 million be investigated, and that the Overseas Investment Commission be abolished in favour of Land Information New Zealand.Dr Cullen confirmed he had received a paper containing the recommendations but said that did not mean they would be acted upon.
"(This) is about a Treasury paper which isn't even what is going to be going to cabinet when I finally finish having my discussions and drafting, which isn't yet," he said.
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