VoteJAMI-LEE ROSS (Junior Whip—National): I move That the question be now put.The CHAIRPERSON (Hon Trevor Mallard): In the last half an hour I have not heard any new argument other than that from Mr O'Rourke. I think that members should be in a position now to be able to make up their minds on this.A party vote was called for on the question That the question be now put.Ayes 63New Zealand National 59; Māori Party 2; ACT New Zealand 1; United Future 1.Noes 58New Zealand Labour 32; Green Party 14; New Zealand First 12.Motion agreed to.The question was put that the following amendment in the name of Denis O'Rourke to the proposed amendment in the name of Phil Twyford to insert new Part 5 be agreed to: Delete new section 17A(1)(c)(iii) and new section 17B from new clause 15. A party vote was called for on the question That the amendment to the amendment be agreed to.Ayes 26Green Party 14; New Zealand First 12.Noes 95New Zealand National 59; New Zealand Labour 32; Māori Party 2; ACT New Zealand 1; United Future 1.Amendment to the amendment not agreed to.The question was put that the following amendment in the name of Phil Twyford to insert new Part 5 be agreed to: After Part 2 insert:Part 5Amendments to Overseas Investment Act 200511 Principal ActThis Part amends the Overseas Investment Act 2005.12 Section 6 amended (Interpretation)(1) In section 6(1) definition of category after paragraph (a) insert:(aa)an overseas investment in residential property:(2) In section 6(1) definition of give effect to an overseas investment paragraph (at) insert overseas investment in residential property" after "overseas investment in sensitive land".(3) In subsection 6(1) after the definition of overseas investment in fishing quota insert:"overseas investment in residential property has the meaning set out in section 12A"(4) In section 6(1) definition of overseas investment transaction insert " an overseas investment in residential property" after "overseas investment in sensitive land".(5) In section 6(1) after the definition of Reserve Bank insert: "residential property means urban land that may be used to residential purposes under rules in the relevant proposed or operative district plan"13 Section 10 amended (Consent required for overseas investments in sensitive New Zealand assets)In section 10(1) after paragraph (a) insert:(aa)an overseas investment in residential property (see section 12A):14 New section 12A (What are overseas investments in residential property)After section 12 insert:12AWhat are overseas investments in residential propertyAn overseas investment in residential property is the acquisition by an overseas person or an associate of an overseas person of—(a) an interest in residential property:(b) rights or interests in securities of a person (A) if A owns or controls (directly or indirectly) an interest in residential property described in paragraph (a) and as result of the acquisition—(i) the overseas person or the associate (either alone or together with its associates) has a 25% or more ownership or control interest in A; or(ii) the overseas person or the associate (either alone or together with its associates) has an increase in an existing 25% or more ownership or control interest in A; or(iii) A becomes an overseas person."15 New section 17A and 17BAfter section 17 insert:17ACriteria for approval of overseas investments in residential property (i) The criteria for approval of an overseas investment in residential property are all of the following:(a) the relevant overseas person is or (if that person is not an individual) each individual with control of the relevant overseas person is of good character:(b) the relevant overseas person is not or (if that person is not an individual) each individual with control of the relevant overseas person is not an individual of a kind referred to in section 15 or 16 of the Immigration Act 2009 (which sections list certain persons not eligible for visas or entry permission under that Act):(c) one of the following is met:(i) the relevant overseas person is or (if that person is not an individual) all the individuals with control of the relevant overseas person are New Zealand citizens ordinarily resident in New Zealand or intending to reside in New Zealand indefinitely:(ii) the relevant overseas person is or (if that person is not an individual) all the individuals with control of the relevant overseas person are intending to reside in New Zealand temporarily and in agreement with selling any interest obtained upon departure: (iii) the overseas investment will or is likely to increase the supply of housing New Zealand as determined by the relevant Minister under section 17B.(2)See section 19 in relation to subsection (1)(a) and (b).17BAssessing increase in housing supply for overseas investments in residential property(1) If section 17A(1)(c)(iii) applies the relevant Ministers must determine whether the requirements in subsection (2) are fulfilled. (2) In order for an overseas investment in residential property to be deemed to or deemed likely to increase the supply of housing in New Zealand compliance with paragraphs (a) to (c) must be demonstrated: (a) the relevant overseas person is committed to 1 of the following in what the relevant Ministers consider to be a reasonable period of time:(i) the overseas investment is in vacant land and the relevant overseas person is committed to building premises used or intended for occupation by any person as a place of residence:(ii) the overseas investment is in existing premises used or intended for occupation by any person as a place of residence and the relevant overseas person is committed to redeveloping that site to contain a greater number of places of residence:(iii) the overseas investment is an existing premises used or intended for occupation by any person as a place of residence that is not currently suitable for habitation and the relevant overseas person is committed to redeveloping that site to make it fit for habitation; and(b) the relevant overseas person has or (if that person is not an individual) the individuals with control of the relevant overseas person collectively have business experience and acumen relevant to the investment in paragraph (a); and(c) the relevant overseas person has demonstrated financial commitment to the investment in paragraph (a).16 Section 19 amended (Applying good character and Immigration Act 2009 criteria)(1) In section 19(1) after "sections 16 (1)(c)" insert " 17A(1)(a)".(2) In section 19(2) after "sections 16(1)(d)" insert " 17A(1)(b)".17 Section 24 amended (Who decides application)After section 24(1)(a) insert:(aa)in the case of the residential property decision by the Minister and the Minister of Housing:18 Section 28 amended (Conditions of consent)After section 28(2) insert:(3) Where the overseas person is intending to reside in New Zealand indefinitely as set out in section 17A(1)(c)(i) the Minister must impose as a condition of the consent that the overseas person become a resident of New Zealand within a period of time to be specified by the Minister.19 Section 61 amended (Regulations)After section 61(1)(m) insert: (ma)providing for applicants from particular countries to be exempt from this Act for overseas investments in residential property:A party vote was called for on the question That the amendment be agreed to.Ayes 48New Zealand Labour 32; Green Party 14; Māori Party 2.Noes 73New Zealand National 59; New Zealand First 12; ACT New Zealand 1; United Future 1.Amendment not agreed to."