Waikato farm land will be converted to redwood forest following approval for a United States company to buy the land for 7 million dollars.
The New Zealand Redwood Company is buying 1,148 hectares of farm land at Matiere, in the Waikato.
The Minister for Land Information and the Associate Minister of Finance made the decision under the Overseas Investment Act.
The company specialises in growing redwoods, the world’s tallest trees, which are found naturally in a coastal strip from Oregon to California. It is a reputable investor in New Zealand, and has made similar investments over the last 20 years.
The purchase will lead to an increase of six full-time jobs a year for the forest’s life. In other benefits to New Zealand, timber processing and export receipts will increase, with most of the processed wood exported to North America, where there is high demand for redwood.
This investment will contribute to the Government’s One Billion Trees programme through the planting of about 650 hectares of trees.
The company will also provide on-going walking access on the land.