Argentine lawmakers limit foreign land ownership - WAOW - Newsline 9, Wausau News, Weather, Sports

Argentine lawmakers limit foreign land ownership

BUENOS AIRES, Argentina (AP) -- Argentina's lower house of Congress has passed a bill limiting foreign ownership of rural land to 2,500 acres (1,000 hectares) per family.

President Cristina Fernandez introduced the measure, which reduces the limit on foreign ownership from 20 percent to 15 percent of all rural land in Argentina. The bill was passed by the house on Friday and must now be passed by the Senate.

Fernandez has said that the measure will not take away land already in the hands of foreigners, even if it surpasses the limits.

In Argentina, foreigners own 11 percent of the country's 445 million acres (180 million hectares) of productive land.

Limiting foreign ownership could give Argentina more tools to control industrial agriculture.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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