Shanghai CRED Buys New Zealand Resort, Eyes Chinese Tourists

Shanghai CRED Real Estate Co. has purchased a New Zealand resort hotel as well as an adjacent vineyard and golf course which it plans to develop and promote to wealthy Chinese tourists.

Acquisition of the Peppers Carrington resort at Karikari, about 330 kilometers (205 miles) north of Auckland by road, was completed recently after being approved by the government in July, Shanghai CRED said in an e-mailed statement.

The resort “can provide the sort of holiday experience that high-income Chinese and other international tourists are seeking,” Guo Gui, general manager of Shanghai CRED, said in the statement. His company has been involved with similar properties in China and will promote Carrington through its many tourism contacts, he said.

China is New Zealand’s second-biggest source of tourists after Australia. Spending by Chinese visitors is predicted to surge 55 percent by 2018, according to government forecasts published in August.

Shanghai CRED bought the 1,100-hectare (2,700-acre) property from a U.S.- based owner, it said in the statement. The purchase price was treated as confidential when the Overseas Investment Office granted consent in July, and isn’t being disclosed, Cedric Allan, a New Zealand spokesman for the buyer, said in a telephone interview today.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net

To contact the editor responsible for this story: Stanley James at sjames8@bloomberg.net

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