28 Feb 2015

Ambassador seeks to quell Chinese investment fears

9:27 am on 28 February 2015

China's ambassador, Wang Lutong, has sought to quell fears about a flood of Chinese property investment distorting the economy.

Chinese businesspeople are expected to buy more commercial property here this year as China's own real-estate market cools.

Analysts said a weaker New Zealand dollar and looser currency controls in China could also help buoy property prices this year.

At the Lantern Festival in Auckland last night, Mr Wang said such a scenario might be good for the local economy.

"All the Chinese must buy the property here, they're not going to take the land away and I think they're helping to increase avenues and employment in New Zealand."

Mr Lutong said New Zealand and China must do more to improve understanding of each other's cultures, particularly at the grassroots.

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