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Overseas forest sales double

Overseas forest sales double

Field Notes, powered by KPMG, is a weekly news update on news nationally and globally from the agri-food sector.

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Ian Proudfoot

Global Head of Agribusiness, Partner - Audit

KPMG in New Zealand

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[26 November/Farmers Weekly]

In the first three quarters of 2019, forestry sales to foreigners doubled in New Zealand. The Government approves double the sales of freehold land than for the same period in the previous year. ‘’Forestry dominates sales with two purchases of 4273ha and 1876ha by Kauri Forestry in Wairarapa and Northland, respectively, the two largest deals by area’’. The impact of foreign investment in forestry will be examined in a statutory review that must have begun by October next year. Changes to the Overseas Investment Act were announced last week but do not target this, instead focusing on imposing a national interest test for sales of sensitive and high-risk assets as well as increased enforcement powers and a tougher stance against foreigner’s water bottling in New Zealand.

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