5. Overseas Investment—Policy and Jericho Station SaleRON MARK (Deputy Leader—NZ First) to the Minister of FinanceOverseas Investment—Policy and Jericho Station Sale5. RON MARK (Deputy Leader—NZ First) to the Minister of Finance: Is he satisfied with Government policy on overseas investment?Hon STEVEN JOYCE (Minister of Finance): Generally yes but there is always room for improvement. As a general rule overseas investment brings opportunities for more jobs particularly around regional New Zealand. I think of companies like Oji Fibre Solutions and its investment in timber processing. I think of companies like King Salmon and its investment in salmon in Nelson and Marlborough. I think of for example Premier Beehive bacon in the Wairarapa which is another big investor internationally that provides jobs for people of Masterton and the Wairarapa region. These companies employ hundreds and hundreds of workers in regional New Zealand and produce valuable exports that improve our balance of trade.Ron Mark: Does he no longer support his predecessor and now Prime Minister Bill English's 2010 ministerial directive letter issued to Land Information New Zealand which states that the foreign buyers of farmland must show a substantial and identifiable benefit for New Zealand?Hon STEVEN JOYCE: My understanding is that that policy overall has not changed. And actually we are always looking for the benefit to New Zealanders of international investment.Ron Mark: Why then is Landcorp a State-owned enterprise that he is a shareholding Minister for selling Jericho Station for $8.7 million to a Chinese buyer when there was an unconditional offer of $8.5 million from a New Zealander or does $200000 meet his Government's definition of a substantial and identifiable benefit"?Hon STEVEN JOYCE: Well I am not aware of the details of that particular purchase but can I say to the member that actually often the approach that Landcorp takes in these places—as I am sure other parties do given that it is a Government-owned company—would be to offer it as a tender or open sale arrangement where the best offer would generally be accepted. So without being aware of all the details and all the requirements around a particular station—I presume the member has been approached by the unsuccessful bidder; I understand they might be disappointed but there is a process that has to be gone through.Ron Mark: Given that Landcorp board member Eric Roy a former National Party MP has acknowledged that the Kiwi offer of $8.5 million cash went before it why are taxpayers now losing over $26000 a month in lost interest from turning down a Kiwi cash buyer in favour of a Chinese conditional buyer?Hon STEVEN JOYCE: Well again if the member would like to put this down in a written question I would be more than happy to get him the answer. He did not raise it in the primary question—he tried to play gotcha with it—but if he actually wants the information he should put it down in a question and ask about it.Ron Mark: How can New Zealanders trust a word he says about not privatising assets when this State-owned farm one he is a shareholding Minister for has been sold to a Chinese buyer subject to a Government department's approval with the final safeguard meant to be his Cabinet colleagues?Hon STEVEN JOYCE: Well I hope the member is not suggesting that Cabinet Ministers should make the decisions on the sale of these properties because if he is suggesting that I think he is wrong. I appreciate that he has obviously been approached by the gentleman concerned who was the unsuccessful bidder but it is important that these things are kept at arm's length from Cabinet and that the decision is made by the company. But again if the member would like some information I would invite him to actually ask the question formally and I will get him the information."