Under ‘tenure review', a New Zealand pastoral lessee surrenders part of his leasehold to conservation and acquires a freehold interest in the remainder. Since 1992, 28 new freeholders paid the Crown $6.9 million for freehold rights to 101,752 ha, then sold 46% of that land for $135.7 million....

Under “tenure review,” the ongoing privatization of South Island Crown pastoral leases, a pastoral lessee surrenders part of his leasehold, and acquires a freehold interest in the remainder. In order to determine whether the Crown sold the right to freehold too cheaply, we model the...

Under ‘tenure review', a New Zealand pastoral lessee surrenders part of his leasehold to conservation and acquires a freehold interest in the remainder. Since 1992, 28 new freeholders paid the Crown $6.9 million for freehold rights to 101,752 ha, then sold 46% of that land for $135.7 million....