Sales of New Zealand land to foreigners have fallen 72 per cent on weaker demand for forestry land, the Wall Street Journal reports.
Quoting Overseas Investment Office data, the newspaper said foreigners bought 25,484ha of land in the seven months to July 31, down 72 per cent from 90,284ha in the same period a year earlier.
Chinese investors bought more than 19,502ha of land in the seven-month period.
LJ Hooker rural real estate agent Warwick Searle said recent overseas investment in New Zealand had been mainly in forestry, aiming to exploit the previously high carbon credit price.
- © Fairfax NZ News