'Great Chinese interest in NZ property'

Harcourts cites 'strong interest' from wealthy Chinese in NZ$825 mln of NZ luxury homes and rural land showcased at Shanghai Expo

24th Aug 10, 7:50pm by Bernard Hickey

Harcourts has reported receiving "serious interest" and multiple offers from Chinese millionaires and billionaires in the NZ$825 million worth of luxury New Zealand residential, rural and commercial real estate it is showcasing at the official New Zealand Pavillion at the Shanghai Expo.

The enthusiasm about selling New Zealand property to wealthy Chinese investors from a NZ government-funded pavillion in Shanghai comes as the government begins a debate about whether to allow sales of New Zealand farm land to Chinese and other foreign investors.

The showcase of 57 properties and projects listed by Harcourts from Whangarei to Queenstown is being presented by North Shore-based Cooper and Co, a franchise within the Harcourts group.

Harcourts' Cooper & Co Managing Director Martin Cooper said the feedback had been very positive and he was confident sales would follow.

“The feedback we’ve had from the hundreds of high net-worth Chinese we’ve presented to so far has been encouraging to say the least,” he said.

“A number of offers have already been made and there is serious interest in many more of the properties and projects we’ve showcased, with a lot of the potential buyers indicating they would like to take the next step and travel to New Zealand to inspect in person what they’re interested in."

There were 57 properties and projects listed which were worth NZ$825 million according to Harcourts.

Harcourts Cooper & Co said it had secured the opportunity to host invited guests at the New Zealand Pavilion at the World Expo in Shanghai so they could "learn more about New Zealand and get a taste of our lifestyle."

"The properties included in the Exposure Shanghai initiative include Auckland waterfront homes priced at up to NZ$14 million and premium multi-million dollar lifestyle properties in the Rodney District, along with a selection of high-value rural and commercial properties and exciting development projects from around the country too," Cooper said.

Harcourts New Zealand CEO Hayden Duncan said there was a limited pool of local buyers for high-end property and development projects in New Zealand so targeting overseas buyers was logical.

“Cooper & Co have recognised that China is a key source of investment and new immigrants, and have put an immense amount of work into this project, being the only real estate company to date to secure an opportunity to use the New Zealand Pavilion at Expo and NZTE’s New Zealand Centre, building and connecting with an exceptional database of potential buyers in China and establishing relationships for future marketing initiatives too.”

Cooper & Co’s partners included Luxury Portfolio, Umoview, Open2view, ANZ, Austar Immigration Group, Sunteam and Graphic Detail.

"An 18-strong Harcourts team have made the trip to Shanghai to present the properties to prospective buyers, with those who do not speak Mandarin being supported by translators," Harcourts said.

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23 Comments

by expat | 24th Aug 10, 8:34pm 1282638843

Good luck to them. It will be interesting to see how many sales close before the NZ spring sales season kicks off.

by Justice | 25th Aug 10, 6:51pm 1282719081

You mean like Ruth Richardson did in the 1990's? Or some other brainiac traitor like Prebble maybe? Not ONE minister has EVER "maintained adequate control" over local strategic assets. ALL have sold this country and our infrastructure out!

by Wolly | 25th Aug 10, 7:31am 1282678317

Well done Donkey, just what you wanted...wonder how many votes it'll cost you next November!

As for me....I won't go near Harcourts...not ever. It's a small protest but multiply it up across the country and it might cause some damage.

by Christov | 25th Aug 10, 1:59pm 1282701594

John Boy...Billy Bob....Bolly Bib....and the Fat Man all feel a mite smug at the mo on account o that rube with the funny walk not being threatenin nor nothin.

Now I figure that's whut'll hang em afore too long.

by Wolly | 25th Aug 10, 9:05am 1282683902

It is a simple question John Key must be asked....is your government involved in arranging for a flood of hot money to enter the property market from overseas, in an effort to keep the property bubble inflated and ensure property remains seriously unaffordable for Kiwi families?

The fact that Harcourts are in Beijing with the obvious full support of the govt...amounts to an attack on Kiwi families because the hot money was at the root of the insanity in the market during the Clark regime...it was the main cause of the bubble....the one problem the RBNZ could not control...the reason why the OCR was so high...

Time for John Key to be asked to explain.

by Christov | 25th Aug 10, 1:13pm 1282698805

yes it is.....thought need be put into the question though......as this boy gets greasier by the week............John Houdini Key

I think a line of questioning that exposes at the fringe of subjects he avoids asked by some one who does not appear sycophantic AKA Mr Henry and TVNZ's other servile wannab's.

by Wolly | 25th Aug 10, 10:58am 1282690707

Put some thought into it Kin...

If only a microscopic % of Chinese wealthy decide the Auckland et al housing market is a great chance to hide some illicit wealth, avoid state tax and cream off some capital gains, that tiny % will distort the prices in Noddy to an extent that Bollard would be forced once again to raise the ocr to 8%+ because his core funny rate policies are being given the big finger.
Council rates are not higher due to stupid property prices..they rise due to council mismanagement and greed.
Ownership of property includes the right to vote and wealth invites the right to rort political trends. Just ask National.
At what point do you expect Bollard to act?....he knows dam well his cfr is being treated as a joke.
How long will Kiwi families stay in Noddyland once word gets round that due to govt secret policy, home prices are to be kept at seriously unaffordable levels for ever. That they will never be able to afford a home. That they are being forced to rent by the govt.
Worst of all Kin, how long do you think it will take Labour to realise Key is handing them a bloody big hammer and asking to be bashed with it?
The fact that Harcourts are in Beijing pushing residential sales for hot munny with the full support of the govt....utterly dreadful. Bloody stupid.

by Wolly | 25th Aug 10, 11:36am 1282693017

That steve o would defeat the purpose of the game, which is to pork the bubble and save the banks at the cost of hanging on to seriously unaffordable homes for Kiwi.

by Christov | 25th Aug 10, 12:41pm 1282696878

Nice piece Wally............ nothing to add......

by Wolly | 25th Aug 10, 12:54pm 1282697678

Get yourself down to Hastings Christov and sign that moonshine maker up for film and book rights...bound to be a success. Get thingee in wgtn to direct the film...what his name...it'll ring a bell in a minute...I figure it could make a cracka film.....Jackson...I knew it would come to me.

by Rob of the North | 25th Aug 10, 11:06am 1282691198

NEWSFLASH !

Chinese buyers are high on housing in their own country too...

http://money.cnn.com/video/news/2010/08/23/n_china_housing.cnnmoney/

by Christov | 25th Aug 10, 1:38pm 1282700322

Your observation about integration has a basis in truth albeit on a physical level...... it does not suggest a........ naturally occurring assimilation into the broader culture....i.e. Kiwi made up of a collective set of values and condensed to the common ground.....

Now before you yank out your race card...........

Let me go on to say that through family...associates...friends ....I know that ...many ...new arrivals (say last 5 years) have no wish to assimilate to a collective behaviour that they see as flawed.....

Often where they hail from is crowded and demands a work ethic ..we do not subscribe to..often they see that all exploitation of resource is a legitimate means of survival.

The question that arises in your future will be bound to money and power.,.corporations absolute....

Then we will see who assimilated who........and if it was for the greater good.

by Christov | 26th Aug 10, 10:36am 1282775801

You really need to get out more......that was anal.

by Christov | 25th Aug 10, 1:52pm 1282701142

Y'KNow what Bernard............ things are slowing down a little today ....so I'd like to talk about John Boys hair..............would that be ok...?

Cause you know he's dying it..... well not him, but mummy maybe.....and she's leaving the temples grey to give him that extinguished look ooops that other one with the d.....

Aaaaaaaanyhoo I personally think there is a lack of transparency here and a case to answer for misleading the public as to the ..state of the head of the nation.

It's not good enough ...I want it on Q+A ipso pronto.

by Christov | 25th Aug 10, 2:08pm 1282702097

I don't recall the word unjust................being used................. I think you made that up.

Complaint ...originates from many sources..... a cry for justice implies the deed is done .....

by Christov | 25th Aug 10, 2:10pm 1282702217

I still wanna talk about John Boy's Hair..!! cripes this is an issue of " national" importance.

by Justice | 25th Aug 10, 6:44pm 1282718692

First it was Bayleys selling all our best coastal land too the poms, now Harcourts are keen to palm off our best farmland etc.

You f..king agents are scum. Bunch of f..king traitors.

by michael | 26th Aug 10, 4:47am 1282754838

Chinese money launders are looking at New Zealand Real Estate because they want to move out of Australia, Why ?... because Australia is done with Interest rate hikes and the next move is a rate cut. None of these "investors" will want to be there when it happens because they will get a big hair cut. So all eyes have turned to New Zealand I have been talking about this for some time now, most people in NZ are expecting the NZD will stay dimmed against the AUD but I am afraid it will be exactly the oposite, the AUD will devaluate as we near the end of 2010 and will continue to devaluate well into 2011... Technical analisis shows that it could go as low as 1.0600 against the Kiwi. at present the exchange is at a cross road or a hinge if you will.. I know that there are big expectations for a low Kiwi but those will be disapointed. As the Chinese money launders move into NZ the inflation pressures will mount and the RBNZ will be forced to more rate hikes wich will eventualy meet the "normal" level.

by Wolly | 26th Aug 10, 8:28am 1282768085

The bullshit continues!

" New Zealand real estate agents are painting an optimistic picture of farming in New Zealand in a bid to attract Britons with the money to purchase farms here.

Bayleys Realty is mounting a roadshow to tour different regions of Britain encourage farmers to buy into a "buoyant rural economy'" the Press newspaper in York reported.

http://tvnz.co.nz/business-news/brits-enticed-rosy-image-nz-farms-3739746

Harcourts in Beijing....Bayleys in the UK!...wonder where the other mob have gone...maybe India!

by Wolly | 26th Aug 10, 8:44am 1282769040

Out of the way young Kiwi farmer...you are to be priced out of your own future...the one you were promised by an earlier govt.

"Bayleys country manager Richard Graham said several economic indicators were now pointing toward a favourable New Zealand property investment scenario for the UK market – most notably record milk solids pay-outs for dairy farmers, and a recovering beef and lamb sector.

The Bayleys ‘Farming NZ’ roadshow kicks off in Devon on October 13 then rolls through the strong farming centres of Worcestershire, Peterborough, West Yorkshire, and Carlisle before heading across to Ireland with dates in Antrim, County Kildare and finishing in Cork on October 22"

http://www.bayleys.co.nz/Our_Services/Country/News/New_Zealand_south_island_north_island_country_farms_for_sale_horticulture_viticulture_lifestyle.htm

by michael | 26th Aug 10, 10:27am 1282775238

Wolly, as long as it's English it's fine... Peterborough where Hereward the Wake is burried nothing wrong with them. It is people that will merge with the locals in the most natural way... they even play rugby.

by Wolly | 26th Aug 10, 4:45pm 1282797910

I'll try another route...what the hell is the point of training to be in agriculture in NZ if all the bloody farms are owned by rich old farts from the UK . In fact what's the point of living in places like DIPTON if there isn't a chance in hell that you will ever be able to afford a bloody farm of your own....Bayleys are doing their best to make that a reality. Bill English loves the idea. Go figure.

It's really rather simple...one wealthy Pom pays over the odds for a back country farm and the local land prices jump through the roof. How is that good for New Zealand?

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