Figures from Juwai.com - a top Chinese international property website - show New Zealand has dropped down to the sixth most popular country in the world for Chinese buyers after being in fifth place for the past two years.
China's interest in buying New Zealand property was already on the wane ahead of a new clampdown on foreign buyers.
Jane Lu, head of Australia and New Zealand for Juwai.com, said the change had been driven by a capital clampdown in China and a shift by buyers to purchase lower-priced international property.
"We believe this change is primarily due to changes in the Chinese regulatory landscape such as capital controls, as Chinese buyers play it safe and purchase lower-priced international property.
"So, New Zealand dropped one place in the global country ranking, while Thailand catapulted three places upwards, from sixth to third."