Chinese migrants focus on New Zealand
Wealthy Chinese migrants are turning their attention to New Zealand after Canada clamps down on a scheme that allowed immigrants residency if they loaned the country’s government C$800,000 for a period of three years.
Well off Chinese residents are looking to relocate for a number of reasons including the level of pollution at home and a perceived crackdown on corruption. Immigration agencies in New Zealand are reporting an upsurge in interest from China after Canada decided to close its doors.
Meanwhile Labour has pledged to place a cap on migration figures ahead of the election. The party wants to see immigration limited at times when there is economic growth. The influx of Asian migrants is also being partially blamed for the rapid increase in housing prices.
Chief economist at the Bank of New Zealand, Tony Alexander, wants to see a ban on foreign ownership of old-stock housing but disagrees with Labour’s plans. He points out that when there is a boom in the economy there is an increased demand for foreign skilled workers, especially in the building market.
If a cap is put on migration when the economy is strong there will be pressure on house prices as fewer builders are available, he claims.
The NZD exchange rates on 09/05/2014 were as follows: GBP NZD = 1.9566, EUR NZD = 1.5976, USD NZD = 1.1613, AUD NZD = 1.0871, CHF NZD = 1.3107, INR NZD = 0.0194, AED NZD = 0.3164, MXN NZD = 0.0896, CAD NZD = 1.0655, ZAR NZD = 0.1122, RUB NZD = 0.033, . See today's New Zealand Dollar Exchange Rate
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