So have Oceania themselves, it would be remiss of them not to. From the 'Product Disclosure Statement - Secured Fixed Rate Bonds':
Page 3 ––Changes in regulation: Given the highly regulated
industry in which it operates, Oceania Healthcare’s
business and profitability could be negatively impacted
by any material change in the current regulatory
regimes applying to aged care and retirement villages.
Such changes could have an adverse impact on the
way Oceania Healthcare provides care to residents
or develops and operates its retirement villages, or
otherwise increase costs or restrict Oceania Healthcare’s
ability to generate revenue.
Page 20 Regulation risk
As noted above, Oceania Healthcare’s business operates
in a highly regulated industry. Future regulatory changes
to the aged care industry in which the care and retirement
village businesses operate may also have an adverse
impact on Oceania Healthcare and the way it and its
subsidiaries provide care to residents or develop and
operate retirement villages. In the care business, a change
in Government funding policy or a public inquiry could
lead to a change in the business model, an increase in
costs or a reduction in revenue and, in turn, adversely
affect Oceania Healthcare’s financial performance.
The retirement village business could become subject
to a greater degree of regulation as a result of additional
consumer protection requirements. A regulatory change
to the occupation right agreement model could restrict
Oceania Healthcare’s ability to generate revenue from its
retirement village units.
Oceania Healthcare is a member of, and has Board
representation on, both the New Zealand Aged Care
Association and the Retirement Villages Association
and this assists in keeping abreast of potential trends
and future regulatory changes in the sector.
I guess a serious investor in OCA would know all this and factor that into their own assessment of the investment.