Rt Hon Winston Peters

New Zealand First Leader
27 AUGUST 2014

Limp Housing Policy Feeds Foreign-Owned Business

National’s limp housing policy simply means more money for foreign owners, says New Zealand First.

“Foreign-owned building and land development companies will profit from National throwing money at home buyers,” New Zealand First leader Rt Hon Winston Peters told an audience in Katikati today.

“Take, for example, Universal Homes – it’s a long established Auckland company that builds houses and develops land but is 100% owned by Chinese interests, despite having a shelf company in New Zealand linked to a similar company in Hong Kong. In reality, 100 per cent owned by the Chinese government.

“So, will China be one of the serious beneficiaries of National’s limp plans to deal with the housing crisis?

“Foreign companies have been major buyers of land around Auckland and land banking it for future subdivisions. Aucklanders know it and many are concerned.

“Government policies to assist foreign companies to feed off a housing crisis in New Zealand are no solution.

“New Zealand First’s policy to stop land, housing and business sales to foreigners will give Kiwi companies the chance to develop land and houses, it will reduce demand and stop New Zealand money flooding offshore.

“New Zealand is committed to putting the brakes on the sell off.

“We will also pass a law for a register of all foreign land and house ownership.

“We’re going to know, finally, who owns what and where. And we’ll catch land and houses using the trust ownership veil as well.

“The rubber-stamp that is the Overseas Investment Office is going in the bin.

“Foreign buy-ups will only be approved if of significant benefit, and that will be carefully monitored. Where are all the benefits to show from foreign ownership now?”

ENDS

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