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End Immigration Investment Madness

Rt Hon Winston Peters

New Zealand First Leader

24May 2013

End Immigration Investment Madness

Rt Hon Winston Peters has called for an end to the immigration “madness” of allowing foreign property buyers to invest in New Zealand real estate to secure permanent residence here.

This follows a report that migration seminars are being conducted in nations such as Singapore and Malaysia, aimed at people willing to put upwards of $1.5 million into new residential property developments.

One seminar held in Sabah, Malaysia, last weekend was advertised as "Invest in New Zealand: investing in real estate to secure permanent residence."

Mr Peters says this practice is of no benefit to New Zealand whatsoever and simply pushes the price of houses beyond the reach of local people and brings another flood of immigrants to Auckland.

“Auckland is bulging at the seams with lack of housing and gridlocked transport systems and there is no sign of a coherent plan to improve things.

“It’s time to stop the immigration overflow into Auckland and call off the stupid seminars urging foreigners to buy up our real estate,” says Mr Peters.

ENDS

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