Biz briefs: Foreign limits wanted

Last updated 14:34 05/06/2014

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Investors want foreign limits

Sixty per cent of property investors are in favour of limiting the rights of foreign investors to buy property in New Zealand.

A survey by property manager Crockers found that while 25 per cent had no issues with this practice, 60 per cent thought there should be some limits on what foreign investors could buy.

Many of those thought the restrictions should be limited to preventing foreigners from buying townhouses and suburban houses.

There was a much higher acceptance of foreigners owning commercial buildings, with 70 per cent saying they felt that was OK.

Fifty-eight per cent were happy to let foreigners keep buying apartments

New Property Investors' boss

Fourteen-year property investor Terry le Grove is the new president of the New Zealand Property Investors' Federation.

The federation would work to ensure that residential property investors throughout New Zealand were properly represented, le Grove said.

The federation, politicians and government officials needed to work together to address the housing shortage, he said.

More than 29,000 tenancies were owned by members of associations affiliated to the federation.

"This is more than $7 billion worth of property," le Grove said.

"We are a significant segment of the residential property industry."

NZX trading slips

The value and volume of shares traded on the New Zealand stock exchange fell last month compared with May 2013.

Trading volumes were down 8 per cent to 113,343 trades in May compared with a year ago, while the total value of those trades plunged 28.4 per cent to $3.6 billion.

The decline in values partly reflected the Mighty River Power listing in May last year, raising $3.7b as part of the Government's partial selldown of the company.

The debt market was down 21.4 per cent in volume and 13.3 per cent in value at $95 million, the NZX said.

Trading volume for the year to date was up 23.3 per cent at 538,392 trades compared with the same period last year, while the value of trades was down 19.2 per cent at $14.6b.

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