New Zealand Labour Party scapegoats Chinese over housing cri

Press Release – World Socialist Web Site By John Braddock 18 July 2015 New Zealands opposition Labour Party has sparked a political storm with claims that Chinese property investors are fuelling the housing bubble in Auckland. Labours housing spokesman Phil Twyford told TV3s The …New Zealand Labour Party scapegoats Chinese over housing crisis By John Braddock 18 July 2015 New Zealand’s opposition Labour Party has sparked a political storm with claims that Chinese property investors are fuelling the housing bubble in Auckland. Labour’s housing spokesman Phil Twyford told TV3’s “The Nation” on July 11 that a “tsunami of Chinese investment” was looming and called for a total ban on foreign buyers purchasing New Zealand homes. Labour obtained figures from a leading real estate agency—Barfoot & Thompson has since sacked an employee over the leak—for nearly 4,000 house sales from February to April. The data purported to show that people with “Chinese surnames” accounted for 39.5 percent of the transactions in the period. Ethnic Chinese residents or citizens account for 9 percent of Auckland’s population, prompting the party to declare that this was “staggering evidence” of a “very significant presence” of overseas Chinese investors in the housing market. Twyford declared that while the National Party government was “in denial” over the issue, he was “standing up for Kiwi first-home buyers who currently are denied the dream of affordable home ownership.”...

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