Foreign Buyers' Land Grab Set To Escalate
The land grab by foreign buyers in New Zealand is set to ratchet up, says New Zealand First Leader and Northland Member of Parliament, Rt Hon Winston Peters.
“The Chinese Government is looking at regulatory change focussing on Capital Gains Tax relating to properties held overseas.
“As a result of this, Chinese investors are now rushing to buy land in New Zealand.
“They are paying well above market value.
“Two recent examples are Massey University which sold land to Whyburns Group who then on-sold to a Chinese investor at a considerable profit.
“Auckland Golf Course sold land to Mansons, New Zealand's biggest private property developer, who flicked it on to a Chinese investor at twice the market value.
“Last year 466,000 hectares of land was sold to offshore buyers which was five times more than the previous year.
“The massive sell-off of New Zealand land under National is escalating,” says Mr Peters.