Huo RaymondRAYMOND HUO (Labour): Thank you Madam Deputy Speaker. This year marks the 10-year anniversary of the signing of the free-trade agreement between New Zealand and China. China has become New Zealand's largest trading partner largest source of international fee-paying students and second-largest source of international tourists. Over the last few weeks I have attended many functions in the Chinese community celebrating the achievements and gearing up for 2019 the China - New Zealand Year of Tourism. During the last general debate I reported to the House the good news that more and more Chinese developers builders and financial providers have expressed a strong interest in—and indeed have since joined—the KiwiBuild project. This is a fantastically great idea. Instead of applying an ostrich approach as the last National Government did this Government has a positive plan to build a better New Zealand. If our teachers cannot afford a home in Auckland if our nurses and police officers cannot afford Auckland then there is a problem for us all particularly affecting our future generations. We're looking forward to the third reading of the Overseas Investment Amendment Bill introduced by the honourable Minister David Parker. I shall give a big thumbs up to Minister Parker. Minister Parker has delivered. This bill will help ensure that a greater proportion of foreign direct investment will be directed into productive assets where the benefits of free capital flows will be the greatest.There is a big difference between investment and speculation. The test is a simple one and this is really relevant to the ethnic community. For those who genuinely regard themselves as Kiwis no matter how long they have lived here either as a citizen or as a resident they are more inclined to support the policy initiatives. But for those again no matter how long they have been living here who still adopt that foreign mentality and do not treat New Zealand as their home but as a safe island where they can leave their elderly parents or children here to enjoy our free health and education system then of course that would be a different story.What I can say is that the policy initiatives under that particular bill are no more different from the policy initiatives in places such as Beijing Shanghai Guangzhou Hong Kong or Singapore. Needless to say this is an issue of supply and demand not race. Of course I heard some noises that the statistics collected in this space should be used to counter-argue the policy initiatives. I say that's a nonsense because the statistics collected in this space were incomplete and even the National Minister at that time admitted that the stats collected were incomplete and should not be regarded as a foreign purchase register. The stats were collected only after the introduction of the IRD disclosure rule. It missed the higher end of the market. They did not include the trusts or business purchases.Now let me give an analogy. To gauge the level of traffic congestion we can simply monitor the movements on our motorways. But there is a big difference between different timings—for instance the traffic situation at 3 p.m. or 3 a.m. In the view of the National Party they relied on some data collected at 3 a.m. on motorways and then declared there is no traffic congestion in Auckland at all. In a similar vein they declared that there is no housing crisis and have since made a mockery of the KiwiBuild and other policy initiatives designed to clear up the mess left over by that party over the last nine years.