A New Zealand bill to prevent overseas buyers from snapping up the country's homes has narrowly passed its first reading. The Overseas Investment Amendment Bill precludes foreign buyers from acquiring residential properties unless they are increasing them for more residential use or converting the land for another purpose. However, it has come under fire for facing a "truncated select committee process" so it can be passed before New Zealand ratifies the Overseas Investment Act.
A New Zealand bill to prevent overseas buyers from snapping up the country's homes has narrowly passed its first reading. The Overseas Investment Amendment Bill precludes foreign buyers from acquiring residential properties unless they are increasing them for more residential use or converting the land for another purpose. However, it has come under fire for facing a "truncated select committee process" so it can be passed before New Zealand ratifies the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.