Te Arai not exempt from overseas buyers ban

By . Image credit Facebook: Air New Zealand. 2018 september

A luxury Te Arai development, still under construction, and likely to be marketed to wealthy Americans, will face the same curbs on overseas buyers as other developments around the country.
An exemption for the development was originally included in the legislation for the Overseas Investment Act, as it made its way through parliament, but was later struck out by Speaker of the House Trevor Mallard.
The Act is intended to put an end to speculator foreign ownership in the residential market.

The land, previously commercial forest, was part of a treaty settlement for northern iwi Te Uri o Hau and hapu Ngati Manuhiri who retain 25 percent holding in the project.

It then came to light former Prime Minister John Key had lobbied Forestry Minister Shane Jones to include an exemption.

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