Overseas investors have been fined almost three million dollars for illegal purchases of Auckland properties
Overseas investors have been fined almost three million dollars for illegal purchases of Auckland properties
5 July 2019
The High Court has ordered two Chinese businessmen to pay 2.95-million to the Crown after an investigation has found two rural properties were bought without consent.
They were obliged to sell their properties and pay penalties, costs and the gain made on the investment.
Any rural land larger than five hectares must go through the Overseas Investment Office.
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