The NZ government has officially passed the law to ban foreigners from buying existing homes in New Zealand, reports Reuters (15 August 2018). Under this new ruling, non-resident foreigners will still be allowed to purchase new apartments, but they can only own up to 60 percent of units in large, newly-completed apartment buildings. “Is the ban wise or useful? We think it’s neither,” said spokesman Dave Platter. “Foreign buying tends to be focused on new development, making clear again that foreign investment leads to the creation of new dwellings. That’s vital in a market with a housing shortage, like Auckland,” said Platter.