Billionaire threatens to pull the pin
Golf course developer fights foreign buyer ban
A billionaire American investor and New Zealand resident who developed one of the world’s best golf courses here, has threatened not to expand if the Government’s foreign-buyer ban is passed.
Ric Kayne, of Kayne Anderson Capital Advisors, which says it manages funds of nearly US$27 billion ($37.3b), submitted to the Finance and Expenditure Select Committee on the Overseas Investment Amendment Bill.
Associate Finance Minister David Parker said the bill would “reaffirm that it is not a right for an overseas buyers to purchase a house here. Our objective is to ensure that the New Zealand housing market is shaped by New Zealanders.”
But objectors have made their views known, with 226 submissions now with the select committee, awaiting its response.
The bill is then due for a second reading in the House.
Kayne, whose business developed the elite links course Tara Iti at Te Arai, north of Auckland, revealed big plans for new luxury housing, a new house for himself and an entirely new public golf course. He said he was working with local Ma¯ori.
“Stemming from our initial investment purely in Tara Iti, we are wishing to expand our direct investment into the adjoining Te Arai South Precinct, alongside our friends and business partners Te Uri o Hau and Ngati Manuhiri.
“This includes another golf course(s) of similar quality which will be open to the public.
“We are also investing in other parts of New Zealand . . . But the vision we have for what we would like to contribute to New Zealand is now being threatened by the provisions in the bill which impact on us personally and others like us who, having discovered this country, want to devote considerable resources to preserving, protecting and enhancing it,” Kayne wrote.
“I am a New Zealand resident, having met (exceeded) the criteria under the Investor Plus Visa. We now own — alongside our investment — a house here in which we live. We are building another house which, once finished, will be our permanent home in New Zealand in which we will live in for significant amounts of time . . .
“Prospective future developments akin to Tara Iti that I am presently considering investment in, that by their nature result in a small number of premium home sites and guest cottages, are now being reconsidered due to the small potential purchaser pool that the bill will allow to purchase such properties.
“The bill’s restriction of potential purchases for premium properties created from such developments creates an unacceptable level of risk and reduced economic return.”
Under the proposed law, he said he would be classed “an overseas person” despite being a resident and would need to sell any new house he built within 12 months.