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. ENDS
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