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New Zealand bill would clamp down on foreign ownership of residential properties

( December 13, 2017, 06:00 GMT | Official Statement) -- MLex Summary: Foreigners will be prevented from buying New Zealand residential properties under a proposed law introduced into the country's parliament today. The bill to amend New Zealand's Overseas Investment Act is designed to ensure that "house prices are set by New Zealand-based buyers, not international buyers" by denying access to the country's property market to foreign buyers, unless than can show that the acquisition "will have wider benefits to the country," according to a ministerial statement released today.The government's full statement follows: ...

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