Northland iwi fear losses as foreign buyer exemption dropped

Northland iwi say their economic future depends on an American billionaire who got the Government to initially exempt him from the ban on foreigners buying houses. A special clause for Ric Kayne's luxury development near Whangarei has now been dropped from the Overseas Investment Amendment Bill and local iwi are anxious the project is not jeopardised. Te Uri o Hau sold land for the scheme and the iwi chair Georgina O'Connell told RNZ Northland reporter Lois Williams the Tara-iti golf course Mr Kayne's already built has meant jobs and money.