Chinese property investors pulling out of Sydney off-the-plan apartment purchases spooked the Australian banks, and that fallout is now being felt here in Auckland. Colliers International's residential project marketing national director Pete Evans said 35 Auckland multi-unit residential developments have been cancelled in the past year. Sandler referred to a Herald article from September that reported Property Council chief executive Connal Townsend announcing banks had tightened their lending on apartment projects. This is one of several apartment developments in Auckland that have had to cancel recently. By September 27, Westpac NZ chief executive David McLean revealed how his bank - New Zealand's second-biggest residential lender after ANZ - had indeed loaned to the Auckland apartment sector last decade but was less involved this decade.

Source: New Zealand Herald October 10, 2016 20:16 UTC