However, some experts questioned whether such policies are effective.“This is a very much global trend with governments looking at foreign buyers and what they can buy,“ said Sophie Chick, head of research at real estate firm Savills Australia.Australia has tried to cool its own red hot property market with measures including a similar ban on foreign investors buying existing properties.“Despite that, we’ve seen strong price growth,“ Chick said.She added that many foreign investors prefer to put their money into new properties that haven’t been built yet, which aren’t included under the planned rules in New Zealand.Ardern said that she was seeking to introduce legislation for the new restrictions before the end of the year.CNNMoney (Hong Kong) First published October 31, 2017: 6:34 AM ETContact UsClosed CaptioningSite MapMost stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET.
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