Lawyer, agent failed Chinese buyers ordered to pay $847k for avoiding foreign land regime

Tue, 13 Mar 2018

By Pattrick Smellie March 13 (BusinessDesk) - Four Chinese investors who bought a cliff-top mansion in Auckland without getting Overseas Investment Office permission were failed by both their New Zealand legal adviser and real estate agent, according to a High Court judgment highlighted by the OIO today. Issued on March 12, the judgment of Justice Graham Lang upheld $847,000 of penalties to be paid by the four Chinese nationals, effectively eliminating the gain on resale achieved by three of them and imposing a $110,500 penalty on the oth...

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