The NZ Government’s proposed Overseas Investment Amendment Bill would see NZX-listed operators including Ryman Healthcare and Metlifecare banned from buying big greenfield sites without government approval because of foreign ownership of their shares.

Ryman has just over 25% foreign ownership while Metlifecare has over 30% including 10% by Australian bank ANZ though OnePath.

The operators argue they should be exempt because of the need for more seniors’ housing and the fact the assets are staying in the country.