Foreign land grab

[MotherBear]

Bit worrying what they're going to be doing with it?

Foreign land grab gathers momentum
Email this storyPrint this story Monday February 05, 2007
By Anne Gibson

Foreigners have been making a big New Zealand land grab with the land area sold growing by more than six times in a year.

The Government's foreign investment approval arm has just released the total value of deals approved last year which shows a big jump in transactions.

The value of deals approved rose from $14 billion a year ago to $20 billion last year, the Overseas Investment Office (OIO) said.

But the areas involved in the deals have jumped by an even higher rate.

Foreigners got approval to buy 101,000ha last year, compared to the 16,000ha they were allowed to buy in 2005.

More here .