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NZ Tourism Stunted by Foreign Ownership

NZ Tourism Stunted by Foreign Ownership

New Zealand’s tourism industry is being stunted by rising levels of foreign ownership, says New Zealand First.

“Shanghai Penqxin Group’s latest buy-up in Queenstown highlights how profits derived from New Zealand’s tourism sector are being syphoned offshore,” says Tourism Spokesperson Fletcher Tabuteau.

“Shanghai Pengxin has a growing investment portfolio in New Zealand and they are not the only ones. The previous owners of Hilton Queenstown were based in Hong Kong.

“It seems John Key is playing a game of Monopoly except he’s allowing foreign multinationals to buy up all the hotels.

“He has failed to put New Zealand first with ‘tourism.’

“New Zealand is getting a bad deal when so many companies vital to our tourism industry are owned by overseas interests.

“In the year to 31 March, the accommodation and food services sector alone contributed $946 million towards New Zealand's international liabilities.

“Tourists arrive in New Zealand on foreign owned airlines to stay in foreign owned hotels using foreign owned banks to shop in foreign owned stores. In many cases the money gets back to China before the Chinese tourists catch their return flight.

“The effect that foreign ownership has on our vital tourism sector must not be overlooked. We cannot allow this to continue under our noses,” says Mr Tabuteau.

“This reinforces New Zealand First’s call for a comprehensive register of foreign ownership of New Zealand land.”

ENDS

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