The prices of listed property trusts fell yesterday after the Tax Working Group's Tuesday recommendation the Government consider a land tax and removal of depreciation allowances on buildings.Overall, the New Zealand sharemarket outperformed many Asian ma
The prices of listed property trusts fell yesterday after the Tax Working Group's Tuesday recommendation the Government consider a land tax and removal of depreciation allowances on buildings.
Overall, the New Zealand sharemarket outperformed many Asian markets affected by concerns that China will put the brakes on its accelerating economy.
The benchmark NZX-50 index closed down 1.961 points, or 0.061 percent, at 3225.289.
Grant Williamson, director at Hamilton, Hindin, Greene, said a sell off in listed property trusts was a feature of the session.
"Investors are a bit nervous about potential taxation changes that could have an affect on property," he said. "They are just lightening their holdings in those trusts," he said.
AMP Office Trust fell 2c to 74, ING Property Trust fell 1c to 76 and Goodman Property Trust fell 2c to 100. Property for Industry fell 3c to 115.
