The New Zealand economy received a thumbs up this week from the Reserve Bank, however concern was raised over debt in the household sector.
The Reserve Bank released its bi-annual Financial Stability Report that showed Auckland is firmly in the driving seat when it comes to New Zealand’s economy, which, given it is by far the biggest city, is not surprising. However it means rural New Zealand is paying the price for Auckland’s spiraling economy.
“The New Zealand financial system remains sound, and well placed to support expansion in the economy. The banking system is well capitalised, funding and liquidity buffers are comfortably above required minimums, and non-performing loans continue …
Extensions in visa terms between China and America have led to a flurry of US property enquiries from China.
It was announced last week that both countries have extended the lengths of their holiday, business and student visas. Business visa have been extended from one year to ten years while student visas are now for five years.
New agency Rueters reported after the announcement China’s top property website Juwai.com saw a 35 per cent increase in searches for property in the US.
The website told Reuters the extension of the student visa would have the most impact as Chinese parents looked to buy houses for their children to live in while studying in the US.
Simon Henry, co-chief exec…
