companies could be the "thin edge of the wedge'' for other non-Bermudian companies to buy Bermudian property.

That was the warning from the National Liberal Party, which said it was opposed to easing the 60/40 rule for owning property in Bermuda.

"The NLP is in favour of retention of the 60/40 rule for foreign ownership of property in Bermuda,'' said NLP chairman Charles Jeffers.

Offshore insurance companies ACE and Exel Ltd. have submitted a private member's bill to waive the 60/40 rule and allow them to buy the old Bermudiana Hotel site.

The bill is likely to be put to the vote early in the next session of Parliament, which starts on February 14.

TOURISM TOU POLITICS PTL