Chinese builders and financiers are contributing massively to KiwiBuild projects: Labour MP Raymond Huo
While no one knows the authenticity of claims that Chinese buyers are driving up the Auckland housing prices, Chinese builders and financiers are contributing massively to KiwiBuild projects, that’s for sure. This assertion was made by Labour MP Raymond Huo on the sidelines of his office opening in Maungakiekie on August 9.
“As I have been saying since last year, no one has a true picture of the size of the overseas speculator problem. The Land Information NZ report is not ideal as its data has only been collected since the introduction of the bright line test in October 2015. Moreover, the government’s figures rely on tax residency, but not the citizenship or residency status of the ultimate owner. So, an overseas speculator buying through a New Zealand trust is counted as a New Zealand purchase. Also, the data does not include business purchases. So the extent of foreign buyers in the domestic residential market, we don’t know for sure,” Huo said.
He then added, “What I can say for sure though, is that about one-third of the total construction in and around Auckland, over the past decade or so, has been by Chinese construction companies and financiers. In fact, these days, my office sees expression of interests on a weekly basis by the Chinese construction industry, where they want to be a part of KiwiBuild projects, and help the government in solving the issue of homelessness in New Zealand.”