New Zealand’s Parliament passed a law on Wednesday (Aug 15) to ban many non-resident foreigners from buying existing homes, completing the Labour-led government’s election campaign pledge.
The ban only applies to non-residents. Australians and Singaporeans are exempted because of free-trade deals.
Jacinda Ardern, New Zealand’s popular 38-year-old prime minister, campaigned before last September’s election on a promise to clamp down on house price growth and reduce high rates of homelessness, in part by banning foreign buyers.
(read more: The Straits Times)