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Labour MP Phil Twyford says facts aren’t racist, and the fact almost 40 percent of the houses sold in three months by one of Auckland’s largest real estate agents went to ethnically Chinese buyers shows the Government’s failure to respond to a significant market distortion.
He says the Government is trying to shout down the debate by claiming racism, but it refuses to act when a runaway market puts house prices out of reach of New Zealanders.
Some members have quit the party over the release of the data, but Mr Twyford says it gives substance to what had been anecdote and speculation.
"I inferred and Labour inferred from the data that was leaked and from all the international evidence that there is a huge wave of private investment from China moving into mostly real estate markets around the western world and particularly the Pacific rim economies, Canada, Hong Kong, Malaysia, Singapore, Australia and New Zealand," Mr Twyford says.
He says as the Chinese government loosens capital controls, National is looking the other way while other countries move to protect their citizens being priced out of the housing market.
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