 On 27 June 2012 it was announced by the company that the value of the land and rail operations will be written down from NZ$7.8 billion to $1.1 to $1.3 billion, and KiwiRail will continue as the rail and ferry operator, while the New Zealand Railways Corporation will manage KiwiRail's land.Minister of Finance Bill English and Minister of State Owned Enterprises Tony Ryall said the New Zealand Railways Corporation will continue to hold the 18,000 ha of railway land, "from which no financial return will be expected.