Key on Labour’s Chinese attack and property buying

John Key is back from holiday and one of the first things media asked him about was Labour’s attack on Chinese property speculators. Key suggested Labour was “desperate”, “knew it was misleading” and “it’s very different from the Labour Party I always knew”. That sounds like a well researched response, they are common views.

Stuff reported: Auckland housing data using surnames a ‘desperate’ measure – John Key

Auckland housing data using Chinese-sounding surnames released by the Labour Party was “desperate” and out of character for the Opposition, says the Prime Minister.

“It’s desperate in my view, they know the information is wrong and they know the information is misleading and they can claim whatever they want…it’s very different from the Labour Party I always knew,” John Key said

On Radio NZ: PM dismisses Labour’s housing claims

Prime Minister John Key says most of those with Chinese-sounding names investing in the Auckland housing market will be people with a genuine connection to New Zealand.

He doubted the figures were an accurate reflection of the level of Chinese interest in New Zealand housing.

“Not that many people get up in the morning who live in Guangzhou, and say randomly ‘I’m going to buy a house in Auckland’, with no connection to the country at all.

“There’ll be some, some people on that list will definitely be, in my view, as mere speculation, will have no connection to New Zealand but not very many.”

On Labour’s use of data to blame Chinese:

“They will know that people on that list, the vast bulk of them, who have Chinese surnames will be the residents or citizens, many of whom Labour will have welcomed to this country.”

See Who’s buying Auckland property?

And Key on what may help and what isn’t helping elsewhere:

The Government was compiling information on non-resident investment in the housing market, he said.

“I have always said, if the data shows that there’s a real problem and we need to consider further steps then the Government will consider those further steps.”

He said Australia’s move to stop foreigners buying anything other than new properties had not been effective in curbing rapid house price rises.

Audio: Listen to John Key on Morning Report ( 5 min 43 sec )

And then from later in the day Stuff reported in John Key tells Kiwis to look on the bright side for dairy exports and economy:

Meanwhile, Key indicated he was not concerned about the potential flood of cash from mainland China – despite Labour highlighting the level of Chinese buying in the Auckland property market.

He said capital investment from China was much lower than from Australia, the United States or the United Kingdom.

“China hasn’t been a massive investor here, so rather than be worried in some instances we’d welcome that.”

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  1. Brown

     /  21st July 2015

    The trouble with the data is that there isn’t any.

    • Alan Wilkinson

       /  21st July 2015

      That’s not a problem. The problem is always politicians who think they know what needs to be done, not those who know they don’t know.

      • kittycatkin

         /  21st July 2015

        I have learned that one looks much less silly when one says that one doesn’t know than when one pretends to know.

  2. SteveRemmington

     /  21st July 2015

    You must have missed this statement from John Key.

    “The Government was compiling information on non-resident investment in the housing market he said”

  3. kiwi_guy

     /  21st July 2015

    Everyone knows there is a flood of QE cheap hot money out of China looking for shelter from a corruption crackdown and higher returns.

    Vested interests and SJWs want to bury the issue.

    • Missy

       /  21st July 2015

      Are you implying all the money from China is due to corruption? Because if so that is a gross generalisation and very unfair, and could be libellous to those that earned their money legitimately.

  4. kittycatkin

     /  21st July 2015

    But NZ’s such a tiny market, why would they bother ? If it was me, I’d be going somewhere with a much bigger market-or opening a Swiss bank account.

  5. kittycatkin

     /  21st July 2015

    Why would they be looking for shelter from higher returns ? Nobody wants to escape high returns and have lower ones.

    • Where have I heard this?

       /  21st July 2015

      ‘I have learned that one looks much less silly when one says that one doesn’t know than when one pretends to know’


  6. Brown

     /  21st July 2015

    This is all about getting cash out of China before it tanks. Everything else is secondary.


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