PHOTO: SUPPLIED Peter Thompson: “The hardest part is not in fact the legislation, but getting their money out of China.”
Real estate companies are trying to encourage Chinese buyers back into the market as the Year of the Rat begins, using targeted social media campaigns on Chinese language app WeChat, candle lighting events and New Year trade shows.
Restrictions on foreign buyers introduced in late 2018 mean people who are not citizens cannot buy most types of homes, except for new apartments in developments and multi-storey blocks.
But agents are anticipating an upswing in interest from Chinese buyers as the new lunar year begins, with many buying property through family members living in New Zealand.
Barfoot & Thompson director Peter Thompson said his firm had seen Chinese buyer numbers fall since the restrictions, although they still made up 25 per cent of its sales.
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