A review of the Overseas Investment Act will be released
later this week, Prime Minister John Key says.
Last year the Government announced the vast majority of
overseas investment applications would no longer need
ministerial approval.
The change was the first part of a two-part review, with the
second part focusing on changes to the Overseas Investment
Act itself.
Mr Key said Finance Minister Bill English was likely to
announce the results of that this week.
Asked if the review would appease fears about Chinese
ownership in New Zealand, Mr Key said he did not want to
pre-empt the announcement.
Those fears were sparked by recent Chinese interest in
purchasing Crafar farms and investment by Chinese Bright
Dairy and Food Co Ltd in Canterbury milk processor Synlait
Milk Ltd. Bright Dairy announced today it was taking an $82
million stake in Synlait.
Mr Key said the Act had far-reaching provisions already.
"There are quite a number of criteria that the Overseas
Investment Office could turn to, and indeed have to consider,
when they consider an application."
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