NZ listed property (NZX LPVs): one market, two poles at 3.3% and 6.4% — the buyable story sits at the discount pole
Composite-board score: 6.4 · Where it is strong: Net cash flow, Stability & rule of law · methodology
New Zealand has only eight listed property companies, and their internal spread is too wide for any "sector average" — this site presents both poles, every yield computed from company-declared distributions (cps) divided by price. The quality pole is Goodman NZ, the Auckland industrial champion: an FY26 cash distribution of 6.825 cents (+5.0%) with FY27 guidance of 7.17 cents, but at about NZ$2.10–2.15 per share its trailing cash yield is only about 3.2–3.3%, below this site's cash-flow bar. The discount-and-yield pole is Argosy: FY26 dividend guidance of 6.65 cents makes about 6.4% at roughly NZ$1.04, on a portfolio contract yield of 5.93% and a share price at about a 34% discount to NTA. The sector overall trades at an average discount of about 21% (Stride about −31%, with a compiled gross distribution yield of about 8.21%). The PIE structure keeps distribution tax treatment clean (28% inside the vehicle). A warning on the same screen: free aggregator sites have shown figures such as a "13.5% TTM yield" that directly contradict company guidance — aggregator artefacts; on this site every yield is recomputed from cps guidance, the survival skill for a market this thin. Verdict: do, on conditions — buy only on the discount pole's logic (distributions around 6% plus a discount option), accept the NZX liquidity reality (a thin book, wide spreads, and discounts that close on market sentiment rather than management action), and do not buy Goodman as a cash-flow instrument, which is the wrong pole entirely.
In short: four lines first
Listed shares, any amount (NZX access required)
3.3–6.4%（NZX listed property distribution yields, both poles (company cps basis)）
Very hands-off (listed route; stage trades on a thin book)
Discounts may never close: NZX depth makes the discount part of the structure rather than a mispricing — if the holding logic is only "wait for the close", the investment has no calendar. The roughly 6.4% distribution must stand alone, with the discount treated purely as an option.
The numbers that matter
Why we think it makes money
The discount is real entry economics: buying Argosy's net assets at roughly 66 cents on the dollar means taking over a basket of contract-rented property at a second-hand price — the discount need not close for the roughly 6.4% distribution to stand on its own; closing is a free option.
Distributions are highly checkable: PIE companies' cps guidance sits in NZX announcements, and readers can complete the entire "guidance divided by price" computation themselves — in a thin market, self-computable is defensible.
Against Auckland industrial direct (entry No. 54) it is the same-country contrast: the same underlying assets, where the listed form gives liquidity and a discount and the direct form gives control and a threshold story — the two New Zealand entries are two ways to buy one lesson.
How to actually get in
- Listed route: buy LPV shares (with attention to the discount pole) through a broker with NZX access; individual holdings sit far below the NZ$100M OIO threshold and trigger no consent. Stage entries and exits, and budget the spread.
What it costs, what it earns
Entry amount: Listed shares, any amount (NZX access required)
How much work for you: Very hands-off (listed route; stage trades on a thin book)
- Bid-ask spreads and market impact on a thin NZX book: a real cost, counted in advance.
- Distribution withholding: the actual deduction on PIE distributions to non-residents varies with vehicle and holder status (statutory NRWT on dividends is 30%, treaties and imputation reduce it) — follow each company's and your broker's withholding statements rather than any single figure.
- NZD currency exposure.
Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。
Identity & tax
Status (residency / citizenship)
This asset does not count toward the channel Residency channel
Threshold: Growth 类 NZ$5M 起（生产性资产）
AIP 两类：Growth 类最低 500 万新元、投资期 ≥36 个月，限管理基金与新西兰企业直接投资，全期居留 ≥21 天；Balanced 类 1,000 万、60 个月、标的更宽，居留 ≥105 天；英语要求已取消，期满可转永居。关键设计：买房不计入投资额——2026-03 起投资者签证持有人可另行申请买一处 500 万新元以上的自住房（仍不计入 AIP）。本站新西兰条目（上市地产、工业）都不构成 AIP 合资格投资，请勿混同。
Source: 新西兰移民局（INZ）
Tax (investor level)
无全面资本利得税；住宅 bright-line 测试 2 年（2024-07 起）；非居民预扣税法定股息 30%、利息/版税 15%，新加坡协定下股息 5%/15%、利息 10%、版税 5%。【政策状态 2026-11-08：大选初步结果国家党联盟领先一席，官方结果 11-27；工党 28% CGT 主张非现行政策。】
- 公司税 28%；上市 PIE 内部税率 28%，分配对多数投资者不再叠加。住宅租金利息抵扣 2025-04-01 起恢复 100%，但租金亏损 ring-fencing 仍在；商业建筑折旧已取消（2024-04）。
- OIO 门槛：重大商业资产批准线为交易额 >1 亿新元（新加坡等 CPTPP 投资者 2 亿）；sensitive land 独立触发、无金额门槛（非城市土地 >5 公顷、滨海/保护地等）——城市工业地一般不属敏感土地。
Double-tax treaties: 新加坡—新西兰税收协定：股息预扣 5%/15%、利息 10%、版税 5%（PwC 汇总口径）；PIE 分配对非居民的实际扣税随载体与持有人身份而异，逐条目标注。
Source: 新西兰税务局（IRD IR291）；LINZ
This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.
Risks: what could go wrong
What we have not verified yet
The following key figures have not yet been verified; the reason is noted for each item.
- Each LPV's latest cps guidance follows its NZX announcements: this page's Goodman and Argosy figures are the companies' FY26-basis numbers at research time, and later announcements may update them.
- The sector yield range (3.28–8.21%) and discounts are compiled bases (July 2026 snapshot): used for panorama, never as a substitute for per-company computation.
FAQ
- Goodman is so good — why does this site say not to buy it for cash flow?
- Because the price has already paid for the quality: a 3.2–3.3% distribution yield sits below this site's bar. It is a quality/growth holding (fully let assets, distributions growing about 5% a year), not a cash-flow instrument. Buying it is fine; buying it for the wrong stated reason guarantees disappointment on day one.
- Why can aggregator-site yields not be trusted?
- In a market as thin as the NZX, aggregator price snapshots and distribution bases routinely misalign (ex-dates, special distributions, cps versus total return all get mixed), and the 13.5% figure against 6.65 cents of guidance is the live specimen. This site's rule: always compute yields yourself (guidance cps divided by today's price); use aggregator numbers only as leads.
- What is a PIE, and why does this site care?
- A Portfolio Investment Entity is New Zealand's collective-investment tax regime: the vehicle is taxed internally at 28% and distributions are not stacked again at most investors' personal rates — which makes listed property's distributions closer to "what you see is what you get" than in many markets. Non-resident deductions follow separate rules to verify per case, but the structure's cleanliness is this sector's backdrop.
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