Warning that top NZ tourism are becoming foreign controlled
The NZ Government has been warned that New Zealand is losing control of its core tourism sites to foreign investors, with the Green Party yesterday calling for closer monitoring of “gradual foreign control” of the lucrative tourism sector.
New Zealand First also said it was concerned and called for a review of the activities of the Overseas Investment Office (OIO), the warnings following this week’s recommendation by Tourism Holdings Ltd’s (THL) independent directors that shareholders accept a $277 million takeover by Australia’s MFS Living and Leisure Group.
THL is New Zealand’s biggest tourism operator, involved in a broad range of businesses, including attractions such as Waitomo Glowworm Caves and Kelly Tarlton, also running motor-home, campervan and rental car businesses and coach and charter firms.
NZ First MP Doug Woolerton said, “While you can’t blame the Aussies for doing it, it is just another tragic situation where New Zealanders are losing out and we will become peasants in our own land”.
Woolerton said the OIO’s role needed to be reviewed. “We see it as a toothless tiger and rubber stamp.” The OIO administers the Government’s foreign investment policies and its core work is to assess applications for consent from foreigners who intend making substantial investments.
Green co-leader Russel Norman said the sale of THL came at a time when Kiwis were increasingly concerned over the loss of coastal campgrounds and some South Island high country to foreign buyers, saying, “I realise Tourism Holdings has some of its business in Australia and Fiji and it has a fairly large percentage of overseas shareholders already.”
“However, its concessions give it control, in effect, of some of our iconic tourism sites such as the Bay of Islands and Milford Sound cruise boats and the Waitomo Caves.”
Recent South Island purchases by Australian firms include Porter Heights skifield in December.
It estimates that about 7 per cent of New Zealand is foreign-owned and the value of deals approved by the OIO rose from $14 billion in 2005 to $20 billion last year, with the amount of land approved for sale growing to 101,000ha last year, compared with 16,000ha in 2005.
Report by The Mole from The Press
John Alwyn-Jones
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