Recent data found that 2 per cent of housing was purchased by owners without New Zealand citizenship or residency, with Chinese and Australians making up the biggest share of off-shore buyers. Hannah Peters/Getty Images
Recent data found that 2 per cent of housing was purchased by owners without New Zealand citizenship or residency, with Chinese and Australians making up the biggest share of off-shore buyers. Hannah Show more

New Zealand proposes ban on wealthy foreign investors buying property



Rich-listers such as Californian billionaire Ric Kayne have issued a warning to New Zealand - banning house sales to foreigners could hurt the country’s reputation and turn wealthy investors away.

Mr Kayne, who has built an exclusive golf course in New Zealand and wants to expand his investments, is one of several rich businessmen who claim the proposed new law will have unintended consequences. They’re seeking amendments to the draft legislation or its withdrawal in its current form.

“The vision we have for what we would like to contribute to New Zealand is now being threatened,” Mr Kayne wrote in submissions to a parliamentary committee examining the proposed law change. The new rules will “impact on us personally, and others like us who, having discovered this country, want to devote considerable resources to preserving, protecting and enhancing it.”

The new Labour-led government came to power in October on a pledge to fix a housing crisis with a raft of measures, including a ban on foreign speculators buying residential property. While data suggest non-residents have only a minor impact on the wider housing market, support for the move was boosted by headlines about rich foreigners buying mansions and farms in New Zealand as boltholes away from the world’s ills.

House prices have surged more than 60 per cent in the past decade amid record immigration and a construction shortfall. In the biggest city of Auckland, prices have almost doubled since 2007 to an average of more than NZ$1 million ($730,000). That has made it more difficult for first-time buyers to enter the market and driven up rents, leaving increasing numbers of poor people homeless.

“It’s really important for us that we sort our housing market out, that we give New Zealanders a fair go at buying their first home,” finance minister Grant Robertson said in an interview this week. While the country welcomes foreign investment, “what we want is good-quality investment that supports the productivity of the New Zealand economy,” he said.

The proposed law, which the government says will bring New Zealand into line with neighboring Australia, will classify residential land as “sensitive,” meaning non-residents or non-citizens can’t purchase existing dwellings without the consent of the Overseas Investment Office. While it allows non-resident foreigners to invest in new construction, it forces them to sell once the homes are built.

________

Read more:

London house prices drop at the fastest pace in almost a decade 

Saudi Arabia unveils new housing programme to boost home ownership

Why every long-term expat should buy a property in the UAE

________

Eion Edgar, a millionaire businessman, told the committee that the law “will be detrimental to New Zealand’s international reputation and greatly restrict overseas parties contributing to the benefit of New Zealand".

He gave four examples of wealthy foreigners investing hundreds of millions of dollars in New Zealand after buying land here. They included Japanese businessman Eiichi Ishii, who bought and developed the Millbrook Resort near Queenstown, and singer Shania Twain’s ex-husband Robert "Mutt" Lange, who purchased large tracts of hill country on New Zealand’s South Island and placed most of it under protective covenants for public preservation.

Matthew Cockram, chief executive of Auckland-based Cooper and Company - owned by millionaire property investor Peter Cooper - said the law is “misdirected” and should be withdrawn. He said it could hurt projects that rely on foreign buyers, such as a high-end lifestyle development including a tourist lodge the company is building in the picturesque Bay of Islands.

It’s not just individuals complaining. Spark New Zealand, one of the nation’s biggest telecommunications companies, said the law could make it more difficult to buy land to expand its cellular network because the majority of its shares are held offshore. This will likely result in “less capacity and poorer coverage,” it said.

Mr Kayne, who made his fortune as a co-founder of investment firm Kayne Anderson Capital Advisors, opened the private Tara Iti Golf Club about 105 kilometres north of Auckland in 2015. Designed by Tom Doak and offering jaw-dropping Pacific Ocean views from every hole, Tara Iti debuted at number 6 on Golf Digest’s ranking of the World’s 100 Greatest Golf Courses.

In his submission, Mr Kayne said the course attracts high-yield visitors from around the world and provides jobs to the area. However, its economic viability is threatened by the new law because residential homes and guest cottages being built as accommodation for members and visitors won’t be able to be sold to foreigners.

“It is necessary for the economic outcome of the development that these properties are able to be sold to an international purchaser pool,” he said.

Mr Kayne, who plans another golf course of similar quality that will be open to the public, said he will also be forced to sell the house he’s building for himself and wife Suzanne under the new restrictions.

Although he is a New Zealand resident, the legislation would not recognise him as one because it requires people to spend at least 183 days a year in the country - something his business interests prevent him from doing.

“Part of what attracts people like us to New Zealand is the warmth and openness this country displays to visitors and newcomers,” Mr Kayne wrote. “I would hope that amendments are able to be made which provide some discretion and flexibility for persons like me.”

Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

Abu%20Dhabi%E2%80%99s%20Racecard
%3Cp%3E%0D5pm%3A%20Al%20Bithnah%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C200m%0D%3Cbr%3E5.30pm%3A%20Al%20Khari%20%E2%80%93%20Hanidcap%20(PA)%20Dh80%2C000%20(T)%201%2C200m%0D%3Cbr%3E6pm%3A%20Al%20Qor%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E6.30pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C600m%0D%3Cbr%3E7pm%3A%20Al%20Badiyah%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%202%2C200m%0D%3Cbr%3E7.30pm%3A%20Al%20Hayl%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%202%2C200m%3C%2Fp%3E%0A
The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

FIXTURES

December 28
Stan Wawrinka v Pablo Carreno Busta, 5pm
Milos Raonic v Dominic Thiem, no earlier then 7pm

December 29 - semi-finals
Rafael Nadal v Stan Wawrinka / Pablo Carreno Busta, 5pm
Novak Djokovic v Milos Raonic / Dominic Thiem, no earlier then 7pm

December 30
3rd/4th place play-off, 5pm
Final, 7pm

NBA Finals so far

(Toronto lead 3-1 in best-of-seven series_

Game 1 Raptors 118 Warriors 109

Game 2 Raptors 104 Warriors 109

Game 3 Warriors 109 Raptors 123

Game 4 Warriors 92 Raptors 105

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206-cylinder%203-litre%2C%20with%20petrol%20and%20diesel%20variants%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20automatic%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20286hp%20(petrol)%2C%20249hp%20(diesel)%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E450Nm%20(petrol)%2C%20550Nm%20(diesel)%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EStarting%20at%20%2469%2C800%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

Seemar’s top six for the Dubai World Cup Carnival:

1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Playing records of the top 10 in 2017

How many games the top 10 have undertaken in the 2017 ATP season

1. Rafael Nadal 58 (49-9)

2. Andy Murray 35 (25-10)

3. Roger Federer 38 (35-3)

4. Stan Wawrinka 37 (26-11)

5. Novak Djokovic 40 (32-8)

6. Alexander Zverev 60 (46-14)

7. Marin Cilic 43 (29-14)

8. Dominic Thiem 60 (41-19)

9. Grigor Dimitrov 48 (34-14)

10. Kei Nishikori 43 (30-13)

The specs: 2018 Mercedes-Benz S 450

Price, base / as tested Dh525,000 / Dh559,000

Engine: 3.0L V6 biturbo

Transmission: Nine-speed automatic

Power: 369hp at 5,500rpm

Torque: 500Nm at 1,800rpm

Fuel economy, combined: 8.0L / 100km

Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.

Company%20Profile
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Fixtures (6pm UAE unless stated)

Saturday Bournemouth v Leicester City, Chelsea v Manchester City (8.30pm), Huddersfield v Tottenham Hotspur (3.30pm), Manchester United v Crystal Palace, Stoke City v Southampton, West Bromwich Albion v Watford, West Ham United v Swansea City

Sunday Arsenal v Brighton (3pm), Everton v Burnley (5.15pm), Newcastle United v Liverpool (6.30pm)

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
Easter%20Sunday
%3Cp%3EDirector%3A%20Jay%20Chandrasekhar%3Cbr%3EStars%3A%20Jo%20Koy%2C%20Tia%20Carrere%2C%20Brandon%20Wardell%2C%20Lydia%20Gaston%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Ads on social media can 'normalise' drugs

A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.

The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.

Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.

Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
FORSPOKEN
%3Cp%3EDeveloper%3A%20Luminous%20Productions%0D%3Cbr%3EPublisher%3A%20Square%20Enix%0D%3Cbr%3EConsole%3A%20PC%2C%20PS5%0D%3Cbr%3ERelease%20date%3A%20January%3C%2Fp%3E%0A
Company%20of%20Heroes%203
%3Cp%3EDeveloper%3A%20Relic%20Entertainment%3Cbr%3EPublisher%3A%20SEGA%3Cbr%3EConsole%3A%20PC%2C%20PS5%2C%20XSX%3Cbr%3ERelease%20date%3A%20February%3C%2Fp%3E%0A
Star%20Wars%20Jedi%3A%20Survivor
%3Cp%3EDeveloper%3A%20Respawn%20Entertainment%0D%3Cbr%3EPublisher%3A%20Electronic%20Arts%0D%3Cbr%3EConsole%3A%20PC%2C%20PS5%2C%20XSX%0D%3Cbr%3ERelease%20date%3A%20March%3C%2Fp%3E%0A
Suicide%20Squad%3A%20Kill%20the%20Justice%20League
%3Cp%3EDeveloper%3A%20Rocksteady%20Studios%0D%3Cbr%3EPublisher%3A%20Warner%20Bros%0D%3Cbr%3EConsole%3A%20PC%2C%20PS5%2C%20XSX%0D%3Cbr%3ERelease%20date%3A%20May%3C%2Fp%3E%0A
Final%20Fantasy%20XVI
%3Cp%3EDeveloper%3A%20Square%20Enix%0D%3Cbr%3EPublisher%3A%20Square%20Enix%0D%3Cbr%3EConsole%3A%20PS5%0D%3Cbr%3ERelease%20date%3A%20June%3C%2Fp%3E%0A
Street%20Fighter%206
%3Cp%3EDeveloper%3A%20Capcom%0D%3Cbr%3EPublisher%3A%20Capcom%0D%3Cbr%3EConsole%3A%20PS5%2C%20XSX%2C%20PC%0D%3Cbr%3ERelease%20date%3A%20June%3C%2Fp%3E%0A
Diablo%20IV
%3Cp%3EDeveloper%3A%20Blizzard%20Entertainment%0D%3Cbr%3EPublisher%3A%20Blizzard%20Entertainment%0D%3Cbr%3EConsole%3A%20PC%2C%20PS5%2C%20XSX%0D%3Cbr%3ERelease%20date%3A%20June%3C%2Fp%3E%0A
Baldur's%20Gate%203
%3Cp%3EDeveloper%3A%20Larian%20Studios%0D%3Cbr%3EPublisher%3A%20Larian%20Studios%0D%3Cbr%3EConsole%3A%20PC%0D%3Cbr%3ERelease%20date%3A%20August%3C%2Fp%3E%0A
The%20Legend%20of%20Zelda%3A%20Tears%20of%20The%20Kingdom
%3Cp%3EDeveloper%3A%20Nintendo%0D%3Cbr%3EPublisher%3A%20Nintendo%0D%3Cbr%3EConsole%3A%20Nintendo%20Switch%0D%3Cbr%3ERelease%20date%3A%20September%3C%2Fp%3E%0A
Marvel's%20Spider-Man%202
%3Cp%3EDeveloper%3A%20Insomniac%20Games%0D%3Cbr%3EPublisher%3A%20PlayStation%0D%3Cbr%3EConsole%3A%20PS5%0D%3Cbr%3ERelease%20date%3A%20Fall%3C%2Fp%3E%0A
Assassin's%20Creed%20Mirage
%3Cp%3EDeveloper%3A%20Ubisoft%0D%3Cbr%3EPublisher%3A%20Ubisoft%0D%3Cbr%3EConsole%3A%20PC%2C%20PS5%2C%20XSX%2C%20Amazon%20Luna%0D%3Cbr%3ERelease%20date%3A%202023%3C%2Fp%3E%0A
Starfield
%3Cp%3EDeveloper%3A%20Bethesda%20Game%20Studios%0D%3Cbr%3EPublisher%3A%20Bethesda%20Softworks%0D%3Cbr%3EConsole%3A%20PC%2C%20Xbox%0D%3Cbr%3ERelease%20date%3A%202023%3C%2Fp%3E%0A
The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Results

6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m

Winner: Aatebat Al Khalediah, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer).

7.05pm: Maiden (TB) Dh165,000 (D) 1,400m

Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer.

7.40pm: Maiden (TB) Dh165,000 (D) 1,600m

Winner: Dubai Avenue, Fernando Jara, Ali Rashid Al Raihe.

8.15pm: Handicap (TB) Dh190,000 (D) 1,200m

Winner: My Catch, Pat Dobbs, Doug Watson.

8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m

Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar.

9.25pm: Handicap (TB) Dh190,000 (D) 1,600m

Winner: Golden Goal, Pat Dobbs, Doug Watson.

What is Genes in Space?

Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.

It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration. 

How to join and use Abu Dhabi’s public libraries

• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.

• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.

• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.

• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.

• For more information visit the library network's website.

Know your cyber adversaries

Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.

Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.

Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.

Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.

Phishing: Aims to secure personal information, such as passwords and credit card numbers.

Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.

Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.

Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.

Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.

Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.

Zero-day exploit: Exploits a vulnerability in software before a fix is found.

AUSTRALIA SQUAD

Aaron Finch (captain), Ashton Agar, Alex Carey, Pat Cummins, Glenn Maxwell, Ben McDermott, Kane Richardson, Steve Smith, Billy Stanlake, Mitchell Starc, Ashton Turner, Andrew Tye, David Warner, Adam Zampa

The Two Popes

Director: Fernando Meirelles

Stars: Anthony Hopkins, Jonathan Pryce 

Four out of five stars


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