Shanghai-based CRED Real Estate purchased the Peppers Carrington resort in New Zealand. This was according to a report published by Reuters.

The Peppers Carrington resort was previously owned by American banker and investor Paul Kelly. It measures 1,100 hectares. The uptown resort's facilities presently include a vineyard and a golf course by the sea, said the report.

The Shanghai property developer planned to have major renovations in the newly-purchased resort. CRED Real Estate aimed to encourage more affluent Chinese travelers to spend their vacations in the uptown resort. This acquisition would be the first major Chinese investment in the South Pacific country's tourism arena. Shanghai's CRED Real Estate did not disclose the amount of the said purchase, Reuters said.

China is the number two source of visitors for the tourism of the South Pacific nation. This year alone, New Zealand welcomed over 236,000 Chinese tourists. New Zealand expected to have almost a million visitors from the Asian country by 2018, the report said.