Absence Of Local Buyers Sees New Zealand Realtors Turning To Chinese VIPs

1,200 Chinese Investors Invited To $800 Million (US$566 Million) Property Showcase As Local Demand Remains Anemic

Will a Chinese investor soon own Pakatoa Island (on the market for $40 million)?

Will a Chinese investor soon own Pakatoa Island (on the market for $40 million)?

Considering the overseas real estate spending binge continues unabated among China’s ultra-rich, who we’ve seen in property-buying tour groups in Los Angeles, Canada and elsewhere, it’s no real surprise that New Zealand real estate agents are now looking to Chinese HNWIs to pick up the slack for anemic demand from local investors.

This week, around 1,200 prospective Chinese investors have flown in to the island nation to take a look at more than $800 million (US$566 million) worth of luxury New Zealand homes, farms and commercial property up for grabs. According to news reports, the invitees have been culled from a database of millionaires and billionaires who have previously spoken to immigration companies about investing and living in New Zealand.

From News 3 New Zealand:

[Properties on show] range from luxury homes, such as the $9 million home which has featured on New Zealand’s Next Top Model, to rural sections, commercial property and luxury developments in areas like Pauanui and Queenstown.

The Harcourts branch on Auckland’s North Shore organised the two-week event partly because of the difficulty in finding buyers for high-ticket property in New Zealand.

“We need to be drumming up business, we need to be keeping our economy going,” says Martin Cooper, of Harcourts.

Mr Cooper rubbishes the attitude of those who are against foreign investment.

“Some people they do annoy me a bit because I’m here and no one else is coming,” he says.

“I think we’ve got to get with it and open our country.”

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Investment & Real Estate