Low interest rate environment

"The low interest rate environment makes the forecast returns from shares in Capital Properties NZ very attractive for discerning investors and those seeking to enhance their retirement savings options," the Ministers said.

"Our commercial advice is that this is a very sensible time to proceed with the float of Capital Properties NZ.

"Labour and the Alliance have again demonstrated their complete ignorance of economic management. When interest rates are low, high yielding property stock becomes very attractive.

"The National minority Government would rather invest in key social policy areas such as health and education than in continued ownership of a property company. There is no logical reason for the Government to retain ownership of nine Wellington commercial properties.

"In contrast, Labour and the Alliance have once more made clear their intention to take a great leap backwards to a command-style economy. Why any government should believe that its core business lies in running property companies is a question which the public should put to Labour and the Alliance.

"Offering shares to the public is more than the Labour Party ever did for New Zealanders when they sold government businesses such as Telecom. Labour never gave the public a look in." The Ministers said announcements would soon be made on the upcoming public float of Capital Properties NZ.