The Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill was defeated at its first reading tonight.
Jonathon Coleman said National would oppose the bill as it would essentially ban all sales of land to anyone but New Zealand residents and citizens.
He then outraged the Greens by accusing them of everything from being luddites through to practicing “Dakonomics’’ by dreaming up the bill over a joint at their party conference.
Green Co-leader Russel Norman defended the bill saying its intent was to prevent the sale of farm land to wealthy foreign interests who wanted to buy up large amounts of land to secure food supply.
The bill was defeated by 61 to 59 with National, United Future and ACT opposed.
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