NZ operators Metlifecare and Ryman will now have to seek approval from the Overseas Investment Office (OIO) before buying land for new villages after the finance and expenditure committee refused exemption for villages from the Overseas Investment Amendment Bill.
Both operators are both considered foreign entities as more than 25% of their shares are held by overseas investors or institutions.
Seeking approval from the OIO can take time and the sector had argued the slower process could make operators uncompetitive in trying to acquire land in in-demand locations, but the Government rejected their argument.
Ryman’s CEO Gordon MacLeod said it was disappointing to miss the opportunity to streamline the approvals process, however “none of this stops us from buying land through the OIO process in the future.”
