hobbit land in New Zealand

[old lady]

I heard that they will making an amusement park based on Tolkien's characters in New Zealand.

 

[WanderlustNZ]

I'm sure it would be all over the news here if that rumour was true.

You can see many of the film locations if you visit NZ, which are beautiful and way more impressive then whatever could be replicated in a theme park.

Plus there is Hobbiton in Matamata (this could be what you've heard about). It's been open for years now and involves a tour of the part of the movie set where the Hobbits lived.
http://www.hobbitontours.com/

Lastly, there is a very small museum in Wellington which has props from the film set.