Huo Raymond; Rurawhe AdrianRAYMOND HUO (Labour): Tēnā koe Mr Assistant Speaker. Good news: I feel obliged to report to the House that the number of Chinese developers builders and financial providers expressing strong interests in or queuing up to join the KiwiBuild programme is growing not monthly not weekly but daily. Congratulations are in order not only for Minister Phil Twyford but also for those developers builders and financial providers.The KiwiBuild initiative will help develop more affordable homes for New Zealanders. The initiative will also offer great opportunities for the building sector. The buy off the plan" initiative for example is a unique opportunity for developers to partner with the Government to increase the supply of affordable homes for New Zealanders. Some of the Chinese developers have already included affordable homes in their subdivision projects but the KiwiBuild programme through the "buy off the plan" initiative gives developers the certainty and backing that they need to deliver suitable developments that they would otherwise not proceed with.This is not only happening in Auckland; it is happening and it will be happening in Hamilton Wellington Christchurch Napier Whangarei Whanganui Tauranga and Queenstown etc. In Auckland property prices have doubled and in some suburbs have trebled in the last nine years. Speculation in the residential housing market was rife. Foreign speculation was a significant influence. According to the New Zealand Herald US$1 trillion of capital flowed out of China in 2015—US$1 trillion of capital flowed out of China in 2015. It is reasonable to assume that that movement of money would have some impact on New Zealand's residential property market. But the problem is nobody knows about the impact of the problem and nobody knows about the impact of foreign speculation on the New Zealand residential property market. Why? Because the last National Government failed to intervene failed to collect any reasonably reliable data to help gauge the scope of the problem.Hon Members: Shame!RAYMOND HUO: It is a shame because the previous National Government collected no such reasonably reliable data and it failed to intervene in the runaway market.Well the previous National Government did collect something but even the Minister at that time admitted that the information was incomplete and should not be viewed as a foreign buyers' register. Those figures were based on the low side of the market and were collected after the introduction of the new IRD disclosure rules in October 2015 and the data did not include trusts or business purchases.It is kind of an open secret that so many foreign purchasers used trusts or incorporated companies to purchase New Zealand residential properties. But what National had done in the Chinese community was nothing but resorting to play the race card although to be fair to the National Party there is a difference. It has gradually emerged that there is a difference between the National Party as it is and the National Party as it was presented by its representatives in the Chinese community.As a result there is a significant level of confusion between speculation and investment. We support investment but we are strongly opposed to foreign speculation. A Kiwi-Chinese investor can buy any property anywhere in New Zealand but should his or her cousin or brother live in a foreign country it's got nothing to do with New Zealand—ASSISTANT SPEAKER (Adrian Rurawhe): Order! The member's time has expired."