Chinese are using property as a ticket into this country. HERALD.

[McDuck]

I’d just like to point out that I’ve nothing against Chinese or Indian people.

We owe much to those cultures, they formed our own.
But as a New Zealander,
I’m vigilant to any huge group of individuals who through no fault of their own are slowly destroying our kiwi way of life.

As to the following Herald story,
I personally have seen similar things this week, so this story exactly matches what is right in front of my very own eyes.
My main position is that I’d rather pay five times as much for an ipad than for a house.(Interest incl)

To the story….

...."An Auckland developer building houses for under $400,000 says Chinese are using property as a ticket into this country because owning real estate increases immigration visa points…
"I spend my days looking for suitable development sites and it is almost impossible to compete," he said of wealthy Chinese."....

Rest here> http://www.nzherald.co.nz/business/n...ectid=10850092

[Bulldog]

How is this news? Although I'm no expert on immigration issues, I know the Skilled Migrant application process makes no provision for additional points for owning real estate here, the reporter must have some special insight into the migration process. I'm just as peeved as any prospective buyer at the difficulties of buying in Auckland particularly but thats the nature of any investing.

I'd be more concerned if they were buying to onsell at a profit without paying any taxes.

[Davo36]

Well we can't buy property in China, and there's heaps more of them, than us.

We're just asking for trouble I reckon by allowing them to buy here in a completely unfettered way.

I think some sort of stamp duty for all overseas buyers would be a good idea.

[Bulldog]

No argument there Davo, agree completely. However, thats a different issue to claiming its a stepping stone to migration. I still think the tax issue is still the bigger concern. The number of buy, renovate & flick units on the market is alarming.

[NovInvestor]

The new Chinese President/Chairman Xi Jinping has promise to crack down on corruption, and lots of weathy chinese businessmen and corrupt government officials would want to get out of China and move to a different country.

These people will bring their wealth along alright.

So this is just a small start.

[TheLiberalLeft]

Presumably that's a lifeguard. How's he supposed to save someone 40000 people in, near the centre, should they get into difficulty?

Perhaps the sardine effect keeps everyone vertical, so why the need for a lifeguard in the 1st place?

[NovInvestor]

Presumably that's a lifeguard. How's he supposed to save someone 40000 people in, near the centre, should they get into difficulty?

Perhaps the sardine effect keeps everyone vertical, so why the need for a lifeguard in the 1st place?

I think the guy standing is a bit lost there...

[Wayne]

Well we can't buy property in China,

And neither can they!

[Maccachic]

Pretty sure there is a rope which stops people going out too deep - not sure if they all learn to swim at school like we do? Apparently it was like that in Japan my partner got in trouble for crossing the rope / barrier.

[AMR]

The journalist is incorrect. Buying existing property does not increase points. However developing additional properties does.

From Alexander Dorrington:

Residential property development has been added as an “acceptable investment” for migration purposes so that the construction sector can benefit from investor migrants capital. It is also to make the investor category more attractive to migrants, who tend to like land as an investment class. If the migrants use the base “Investor” category then their investment would need to be at least NZ$1.5 million for four years to qualify. For the "Investor Plus" it is NZ$10 million for three years. There are various other requirements migrants must meet in order to secure residency. This article does not discuss these requirements. Our interest is in the opportunities this creates for development projects, not to advise on immigration.
The requirements for the investment in residential property include:
• It must be a new residential property development on either a greenfield or brownfield site e.g. a subdivision, construction of a new apartment building.
• It cannot be renovation or extension of existing developments e.g. adding to or renovating an existing house.
• The new developments must have been approved and consented by any relevant regulatory authorities (including council) i.e. resource consent and/or building consents must be secured and the costs associated with obtaining these are not part of the investment for immigration purposes.
• The purpose of the residential property investment must be to make a commercial return on the open market.

• Neither the family, relatives nor anyone associated with the migrant may reside in the development.

[speights boy]

According to some it increases 'other points'

Asians eye NZ property to boost marriage hopes - professor

Non-resident Asians are buying Auckland houses and apartments to enhance their marriage prospects, an academic claims.
Professor Manying Ip of Auckland University said Chinese, South Koreans and people from other parts of Asia regarded our houses as good security.
It is common in contemporary China that women expect a prospective husband would already own a property, she said.

www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10849109

[Maccachic]

Wonder how many pee in the water

[speights boy]

AMR
Could a non-resident developer buy development land, build houses and then use that to qualify under the investor category?

[donna]

t is common in contemporary China that women expect a prospective husband would already own a property, she said.

Wow lucky for lots of Kiwi men - the local women are not so demanding. I guess in China there's a lot less females so they can be picky.
cheers,

Donna

[NovInvestor]

Wow lucky for lots of Kiwi men - the local women are not so demanding. I guess in China there's a lot less females so they can be picky.
cheers,

Donna

It is common practice for single Chinese and Indian men to have house, car & decent job to attract comparable single women with similar 'wealth status'.

No house, no car = no woman

Woman's family on the other hand must provide $$$ for wedding in India, and in China, brides family provide car sometimes too.

Sad but true.