Political parties, including a government support partner, are outraged at the decision to allow a Chinese company to purchase 16 Crafar dairy farms, saying the land should remain in New Zealand hands.
Milk New Zealand Holdings, a subsidiary of Shanghai Pengxin Group, has been granted approval to buy the farms, in a decision announced by Land Information Minister Maurice Williamson and Associate Finance Minister Jonathan Coleman this morning.
The decision's been slammed as "economic treason" by New Zealand First leader Winston Peters, who believes the government purposely delayed the announcement until after the election.
"New Zealanders have every reason to feel outraged and betrayed. Our country is being run for the benefit of foreign companies and the international money industry."
Labour leader David Shearer says the decision paves the way for New Zealanders to become "tenants in their own land".
He's linking the sale to the government's plans to partially privatise state-owned energy companies, saying the government seems determined to sell its way to a brighter future.
Mr Shearer says the decision is "a massive kick in the guts" for a rival consortium of farmers and iwi, led by businessman Sir Michael Fay, which also made a bid for the farms.
"They were very keen to take over the land and make it productive again. That would have provided jobs for Kiwis, not seen profits disappear offshore."
Green Party spokesman Steffan Browning says the decision is short-sighted.
"Foreign ownership of the Crafar farms means that the profits will flow overseas," he says.
Maori Party co-leader Pita Sharples is "totally outraged" by the decision.
He says iwi should have been offered the first right of refusal to buy the land.
"Today a great wrong has been done to New Zealanders," Dr Sharples says.
"Our land is not just a commodity, it is a living, breathing part of our history, our culture, and our people. We just sold a piece of ourselves."
NZN