Buyers also sell

The Dom Post reports:

A Large chunk of Porirua’s MegaCentre has been sold for over $30 million to Nelson-based property investor Gaire Thompson.

It is the second recent local major retail property deal where big Australian corporates have sold to local buyers.

The Xenophobes get all worked up when foreign companies buy almost anything in New Zealand. I love hearing Russel Norman rail against foreign investment in his Australian accent.

But foreign investors can’t take land and buildings with them. And as we see here, they do not just buy NZ assets – in time they often sell them also. If you ban them from buying, it means you actually reduce options for NZ buyers and sellers.