Chinese investors are selling an Auckland site for less than half what they bought it for, according to a real estate agent hunting for buyers who says the sale has been marked as urgent.

The site at 46 Upper Queen St was to be the site for the Basilica Apartments scheme and was bought for $7.5 million, said Auckland real estate agent James Law.

They would now sell it for "less than half of what they paid for it", Law said today.

CNSH Development engaged James Law Realty to sell the city fringe land as an "urgent sale", he said.

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