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Worthy Chinese stake in NZ tourism
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Tourists from China have been flooding into New Zealand and now a Shanghai-based property developer has bought an upmarket resort and plans a major upgrade to attract wealthy Chinese travelers to the South Pacific country.
Shanghai CRED Real Estate’s purchase of the 1,100-hectare Peppers Carrington resort, which includes a seaside golf course and vineyard, is the first significant Chinese investment in New Zealand’s tourism sector.
“Affluent Chinese tourists tend to use Chinese tourist agencies, which in turn prefer to recommend Chinese-owned resorts internationally,” Guo Gui, Shanghai CRED’s general manager, said in a statement yesterday.
Shanghai CRED did not disclose what it paid to buy the resort from Paul Kelly, an American banker and investor. It said it would spend “millions” on the upgrade but did not specify the amount.
On the scenic Karikari Peninsula, the resort is about 270 kilometers north of Auckland, the country’s biggest city and main international gateway.
China is the second-biggest source of visitors to New Zealand. More than 236,000 Chinese travelers visited in the year to September 31 — a 50 percent jump from the previous year — and spent an estimated NZ$645 million (US$536 million).
Visa rules for Chinese travelers were eased in May, and the government has said the number of Chinese tourists could reach 1 million by 2018.
New Zealand was the first developed economy to sign a free trade deal with China, now its second-biggest trading partner.
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