Labour says it would be a real shame if Pakatoa Island joins a growing list of special properties that are slipping out of Kiwi ownership.

The 24 hectare island in the Hauraki Gulf has been put on the market for 35 million dollars.

Potential Chinese buyers have already been shown around the island.

Labour’s spokesperson Stuart Nash says any application from an overseas buyer would have to go through the Overseas Investment Office.

He says if that happens, Labour will look very closely at the sort of business case put forward and how value would be added to the New Zealand economy.