- Queenstown conviction could scare overseas investors: REINZ
Posted at 6:03pm on 15 Nov 2005The Real Estate Institute is warning a tough new line being taken by the Overseas Investment Office could scare off potential investors.
American Lance Weller faces a fine of more than $20,000 including costs, after failing to fulfil a promise he made to plant trees on his property.
He’s the first person convicted for breaching the rules for foreign investors.
Richard Newton represents the institute in Central Otago and says nobody would disagree with the need to regulate overseas investment.
However, he says the tougher line now being taken by the Overseas Investment Office can sometimes look like harassment.
Mr Newton says while overseas investors only make up around 7% of total investors in the Queenstown area, they contribute millions of dollars to the local economy.
i thought this story was huge joke, they are going on in the media how this man has copped a big fine for failing to fullfill obligations, Yes he got fined $20,000 but the guy made over $1 million on the sale. That fines really going to make him think twice before he messes with the Overseas investment Office.
regards westan
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