China property website launching last-minute NZ campaign

A Chinese property website is encouraging customers to snap up property in New Zealand, before the new Government clamps down on foreign buyers.

Juwai will run a campaign throughout December, connecting Chinese buyers to properties in New Zealand, before the Government introduces legislation that bans foreign buyers from purchasing existing homes.

"There is an old saying that a change is also an opportunity," said Juwai's head of Australia, Jane Lu. "We believe this proposed policy change has activated the group of Chinese buyers.

"They want to act quickly on transactions that otherwise would have taken many months."

Ms Lu said Chinese buyers previously took their time to carefully research their purchases, but "want to act now before it is too late".

Prime Minister Jacinda Ardern said the Government would introduce legislation to ban foreign buyers by Christmas and she expects it to take effect in early 2018.

With the exception of Australians, foreign buyers won't be able to purchase existing residential dwellings in New Zealand, but will reamin able to purchase land and build new homes for residential use.

Ms Ardern said the Government would be looking at land banking in further detail down the track.