Huo Raymond: Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill — First Reading 
Text is incorporated into the Bound Volume 
Huo Raymond: Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill — First Reading 
[Sitting date: 15 August 2012. Volume:682;Page:4432. Text is incorporated into the Bound Volume.] 
RAYMOND HUO (Labour) 
: 
 Mr Paul Goldsmith’s gesture just confirmed how important it is to strike a balance. To that end and in that regard Labour supports this bill the Overseas Investment (Restriction on Foreign Ownership of Land) Amendment Bill but we do have some concerns about its scope and focus. Therefore Labour supports this bill being referred to a select committee because we are interested in hearing what the submitters may say about it. 
Jami-Lee Ross 
: What does the Chinese community think of that? 
RAYMOND HUO 
: The interjections from the National members are very interesting and very helpful. As Labour’s first member of Parliament of Chinese ethnicity it is very fitting for me to reiterate that it was under the Labour Government that in 1972 New Zealand established a full diplomatic relationship with the People’s Republic of China. This year marks the 40th anniversary of the diplomatic relationship between New Zealand and China. 
In reply to Mr Jami-Lee Ross it is very important for me to reiterate that it was under Labour that New Zealand apologised to the Chinese people in 2005 over the racially discriminatory legislation and poll tax. More relevant to this bill is that it was under a Labour Government that New Zealand signed the free-trade agreement with China in 2008 making it our second-largest trading partner. Our exports to China have increased to over 60 percent with more money being injected into the New Zealand economy which flows on to more jobs being created. 
Sitting suspended from 6 p.m. to 7.30 p.m. 
RAYMOND HUO 
: New Zealanders have widespread concerns about this issue and these are valid. As a Kiwi-Chinese I share these issues. I share these concerns because we are not addressing these issues for ourselves now; we are addressing these issues for their future generations. It is all about striking a balance. Labour supports foreign investment but we cannot afford to sell our future. To quote the Prime Minister John Key we cannot afford to become tenants in our own land. As I said— 
Hon Maurice Williamson 
: You can’t be giving this speech. 
RAYMOND HUO 
: Well that Minister Maurice Williamson is laughing. I do not know whether he is laughing at my contribution or laughing at his Prime Minister’s quote. I will quote it again: New Zealand cannot afford to become tenants in our own land. 
As I said however we do have some concerns about the scope and the focus of Dr Russel Norman’s member’s bill because effectively it prevents any foreign ownership of sensitive land. Labour’s own bill in that regard has taken a balanced approach. It limits the discretion of the portfolio Ministers to approve applications for the purchase of rural land. It would therefore significantly narrow the type of investment in rural land and ensure that the economic benefits job creation and increases in our exports are the most important factors to be considered. It does not prevent all foreign investment in New Zealand but it does recognise that buying land in New Zealand is a privilege. 
I have just quoted what the Prime Minister said that New Zealand could not afford to become tenants in our own land. In a similar vein we cannot afford to lose control of our best income-producing assets. Talking about our best income-producing assets a  
New Zealand Herald  
story by Adam Bennett says that the Government’s sell-off firms are top performers. A report by accounting firm Ernst and Young released just before Christmas last year confirmed that those State-owned energy companies that this National - ACT Government is so passionate about selling are generating returns well in excess of the Government’s cost of owning them and out perform most similar private sector companies. It is a matter of striking a balance. If we fail to strike a balance New Zealand is going to tumble down. Thank you.