About 50 Chinese buyers packed a real estate agency office in Epsom, and snapped up 23 sections within minutes of release yesterday.

James Law, principal agent at James Law Realty, said more than 100 people, all ethnic Chinese, registered interest with the agency to purchase sections in a Hobsonville subdivision.

“All potential buyers were notified, but it was the Chinese who made their decisions the fastest,” he said.

All the buyers were required to present their passports on signing the sale and purchase agreement.

Mr Law said all were either New Zealand citizens or permanent residents.

When Twyford launched Labour’s Chinese attack on The Nation a week ago:

Tell us this new data. Tell us exactly what it shows.

Phil Twyford: So this data is the comprehensive sales record from a major Auckland real estate firm. It includes about 4000 individual records. It’s every house sold in the Auckland region over that three-month period.

What it shows, I think, is striking. Nearly 40% of the houses sold in that period went to people of Chinese descent, and as your introduction pointed out, the Chinese New Zealander population in Auckland, according to the most recent census data, is about 9%.

Now, that is a remarkable discrepancy, and, in my view, it’s simply not plausible to suggest, as many have done in the last couple of years, that the Chinese— ethnic Chinese people who are buying houses in Auckland are all Chinese New Zealanders.

It points, I think, to only one possible conclusion, and that is that offshore Chinese investors have a very significant presence in the Auckland real estate market when you consider that Auckland house prices are spiralling out of control at the moment.

Okay—
Property speculation is rampant, and I believe on the strength of these numbers that offshore Chinese investors are a very significant part of what’s going on.

There are obviously other conclusions that can be reached from Labour’s very weak and limited numbers..

Alan started by saying “The facts are wrong”. Twyford didn’t even have facts to back his claims – his assumptios to fit a narrative may have bee wrong.

UPDATE: Alan has put this in comments but it’s worth adding here:

To add to the instances reported by Farrar, this from NBR (paywalled): I did a little research this week and asked a number of top Chinese Real Estate sales people who I know very well and trust emphatically, what the reality is.

Their responses were largely the same.

Virtually all of their ‘Chinese’ sales are to residents. These people all want to own multiple houses. Most want at lease 3 houses per family unit.

The few that are sold to non residents predominantly are to Chinese people who are in the process of immigrating, simply trying to secure a house at today’s prices to live in when they arrive .

One even pointed out that with the Chinese Stock Market returning well over 100% returns, including the recent collapse, why would a Chinese based investor want to get a miserable and likely temporary 17% return in Auckland Real Estate?