adsense
PHOTO: DAVID WALKER/STUFF – The entrance to Tui Estate.
The gated community has rolling hills, a private lake, and spectacular views over the Southern Alps.
What it doesn’t have is people – which is why the Overseas Investment Office (OIO) has stepped in and forced its foreign owner to sell.
Using a rarely invoked power, the OIO has required the estate’s owners to give up their land because they did not meet the terms of the agreement.
It is part of a crackdown by the agency and its new enforcement team, which monitors the hundreds of wealthy foreign investors who own sensitive land in New Zealand.
READ MORE VIA STUFF