Amongst them were:
Permanent residents who split time overseas, or who have to spend some time abroad, can be hit by it.
It would mess up financing of projects like apartment towers where funding can come from foreigners who buy off-the-plans and then rent to locals.
It will mess up building larger developments where the developer is considered foreign-owned because more than 25% of their shareholding is foreign
And, on top of all that, its hard even to show that theres any kind of problem. The proportion of transactions involving foreign-affiliated buyers is low, and highly variable across the country.
NZIER had several additional concerns, including (my paraphrase):
- Can the Overseas Investment Office really handle 3000% more applications? Really?
- Why apply it across the...