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International Law
: Australian Regulatory Compliance ReviewChange to foreign investment policy for the development of commercial land
The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Chris Bowen MP, has announced that the Rudd Government will change the foreign investment policy to extend the timeframe for the development of vacant commercial land from 12 months to 5 years.
At present foreign investors can purchase vacant commercial and residential land. However, under existing policy it is a condition of approval that foreign investors commence continuous substantial construction on any vacant land acquisitions they make within 12 months of receiving purchase approval.
Full post as published by Australian Regulatory Compliance Review on April 22, 2008 (boomark / email).
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