Wong Pansy: Overseas Investment Bill — Second Reading Instruction to Committee In Committee Third Reading 
Wong Pansy: Overseas Investment Bill — Second Reading Instruction to Committee In Committee Third Reading 
[Volume:626;Page:21587] 
PANSY WONG (National) 
: 
 Chairman Mao of former Communist China would have been proud to have Dail Jones as a member because in those times China closed its door to foreigners absolutely. Chairman Mao would have been proud to hear that speech from Dail Jones. I wonder whether Mr Dail Jones is also telling the public that New Zealand First does not want to be in power—as he has apparently just declared. New Zealand First has already declared itself to be in a permanent Opposition position. That is interesting. 
As a member of the Finance and Expenditure Committee I would like to share the views of some of the submissioners who came before that select committee who believe that this bill has gone too far. I particularly want people to hear from a very important group—and my learned colleague the Hon David Carter would agree—Federated Farmers. I think they put a very credible counter-balance to the overwhelming submissions opposing the bill that came before the select committee. They were very very anxious about the lack of overseas investment. Federated Farmers shared that with us. They are a very reputable group that we all know. 
Farming is the backbone of the New Zealand economy. They were saying that people build up a business in a farm through their lives so do we want to deprive them when they reach the well-earned retirement stage in their life of getting the best price for their hard work of building up their business? The Greens would Labour would and New Zealand First would because they want to shut out people’s options. Any New Zealand - owned businesses and landowners can sell to anybody. They do not have to sell to foreign investors. They have the absolute freedom to choose who they sell to. 
It is wrong for the Government to restrict that right—to artificially put in legislation and say that people should not be allowed to sell their hard-earned businesses that they have built up over a long period of time to the best offer. But what the Government does need to do is to introduce legislation that puts down criteria so that if overseas—or even domestic—investors want to purchase properties and businesses they will be subject to legislation and will have to conform to conditions. I think it is fair that people who enter a transaction should give an undertaking and be held to fulfil those conditions. That is why National has supported this legislation after the sensible Supplementary Order Paper to remove the creation of marginal strips without compensation was tabled during the Committee stage. 
I hope I have shared with the members of the Committee and also the public who are listening to this debate that it is a matter of striking a balance. No Government has the right to restrict New Zealanders who have built up a business or who own a piece of property from accepting the best offer given that the purchaser will have to fulfil a set of conditions. That is a pretty balanced outcome. 
It is a very emotive issue. A large number of submissioners came before the Finance and Expenditure Committee. I emphasise once again that a lot of those negative feelings were generated because they felt that the law was not being enforced.