Investor threatens to can luxury housing, golf course if Overseas Investment Amendment Bill passes

Tara Iti.
Tara Iti. Photo credit: Google Maps

A wealthy American has threatened to can a new luxury housing development and golf course if the Government cracks down on foreigners buying property.

Ric Kayne made a submission on the Government's Overseas Investment Amendment Bill, which would effectively ban foreign speculators from buying houses in New Zealand.

In his submission, Mr Kayne - a New Zealand resident - said the new Bill would "impact on us personally and others like us who, having discovered this country, want to devote considerable resources to preserving, protecting and enhancing it".

Mr Kayne was behind the popular Tara Iti golf course, north of Auckland, and plans to build another one. He also claims to be developing luxury housing in the area, as well as a new house for himself and his wife.

 "We are also investing in other parts of New Zealand, particularly in the Queenstown Lakes District," Mr Kayne wrote in his submission, one of 226 on the Bill.

"But the vision we have for what we would like to contribute to New Zealand is now being threatened by the provisions in the Bill which impact on us personally and others like us who, having discovered this country, want to devote considerable resources to preserving, protecting and enhancing it."

He says in the Bill's current form, he'd have to sell any house he builds within 12 months.

"It seems counter-intuitive to allow me to be a New Zealand resident under existing Immigration Act provisions while requiring me to then sell my residence under Overseas Investment Act provisions," he told NZME, which reports the majority of submissions are opposed.

Non-residents or non-citizens will not be able to purchase existing residential housing, with Australian and Singapore citizens exempt from the restrictions.

Those who are not residents or citizens would still be able to purchase land and build new housing on it.

The Bill had its first reading last year, and its second will come after the select committee phase.

Newshub.