An Auckland couple and their property companies have been ordered to pay almost $1 million in penalties after breaching New Zealand’s foreign buyer ban by concealing overseas buyers’ involvement in property deals.
Real estate agent Jin Ouyang and her husband, Jie Xie, along with Xie’s companies New Life Group and Hermosa Casa, were found to have breached the Overseas Investment Act in relation to three Auckland residential properties.
Judge James Alexander MacGillivray at the Auckland High Court ordered Ouyang to pay $67,500, Xie $157,500, New Life $37,500, and Hermosa Casa $709,100, totalling $971,600, plus $12,478 in legal costs to regulator Toitū Te Whenua Land Information New Zealand, RNZ reported.