PHOTO: The Property Council says small developments will likely go unfinished due to the ban.
Chinese investors’ interest in New Zealand property has already been dented by the foreign buyer ban introduced by the Government, a Chinese real estate website says.
The Overseas Investment Amendment Bill passed on Wednesday will stop foreigners not intending to live in New Zealand from buying existing homes. While Australian and Singaporean investors are exempt, these rules will apply to Chinese investors.
Juwai, a global website for Chinese property buyers, said a falloff in Chinese buyers in New Zealand was already evident ahead of the ban.
Spokesman Dave Platter said: “It has been the bad luck of Chinese buyers to become visible in the market at the same time as interest rates hit rock bottom.”
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READ MORE VIA STUFF