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Housing Market – Subdued start to 2026 as NZ housing market begins rebuilding confidence – Cotality

Source: Cotality

New Zealand’s property market has started 2026 in a subdued fashion with little movement in prices and lower sales transactions despite improved affordability, more favourable mortgage rates and a gradually strengthening economy.

The Cotality NZ February Monthly Housing Chart Pack shows national median property values fell a modest -0.3% over the three months to January, taking values 17.5% below the 2022 peak. Auckland and Wellington continued to underperform, while markets such as Dunedin and Invercargill were more resilient in January. Parts of Canterbury also remain relatively stronger than elsewhere.

Cotality NZ Chief Property Economist Kelvin Davidson said the flat performance in property values may disappoint some vendors, but it offers improved opportunities for buyers.

“The predictability of current conditions is reassuring for buyers, who are continuing to adjust to the recent experience of stable prices and lower mortgage rates,” Mr Davidson said.

“With affordability gradually improving and employment conditions set to strengthen slowly this year, there’s a growing sense of cautious optimism, even if the recovery will be measured rather than sharp. Debt to income ratio caps remain important to watch.”
Cotality data shows first home buyers’ market share dipped in January from 28.3% in Q4 to 26.2%, however Mr Davidson said the number of deals occurring remained strong. “This was a slightly smaller share of a bigger pie.”
 
Mortgaged multiple property owners, including ‘Mum and Dad’ investors, were also a steady influence in the market likely due to lower interest rates and reduced cashflow top-ups on rental properties.

Softer sales in January likely a blip in upwards trend

January sales volumes, measured across both private deals and real estate agents, were -10.7% below the same month in 2025, marking only the third fall in the past 33 months.
Mr Davidson was unconcerned about the sluggish start to the year, because there’s a suspicion that some deals may have been rushed through into December (which saw strong growth), artificially subduing the figures for January.
“If you take December and January together, the upwards trend remained in place. We’d expect to see more sales growth activity in 2026 on the back of reduced mortgage rates and a recovering economy,” he said.
“Our Buyer Classification data also showed hints of more activity from relocating owner-occupiers, or movers. It’s early days and not a trend yet. But a slowly recovering economy could lift movers’ confidence to trade up, reinforcing the prospect of more housing activity this year.”

Rents reset after years of growth

New Zealand’s rental market has softened as net migration has fallen sharply and the number of properties available to rent remains elevated. With rents already stretched relative to incomes and wage growth easing, Mr Davidson said there is limited scope for further increases and that recent falls, while rare, reflect a reset after a period of very strong growth.

The MBIE bonds data shows in the three months to December the median national rent was 0.8% lower than the same period a year earlier. Wellington recorded one of the most significant changes in median rent, down about 10% to $582 a week. Hamilton and Tauranga have also recorded declines, while Auckland has edged slightly lower. Christchurch and Dunedin have held up better with modest growth recorded.
“Rents rose quickly when migration was surging and supply was tight. Now there are more listings, population growth has slowed, and tenants simply don’t have the capacity to keep absorbing large increases,” he said.
“It’s hard to see a sharp rebound from here. The more likely path is a period of flat or only very modest growth while the market adjusts.”

Confidence slowly rebuilding

As lower mortgage rates and improved affordability begin to provide some confidence for both buyers and sellers, Mr Davidson said it was likely behaviour would shift, activity would improve and 2026 would be a year of gradual growth for sales and prices.
“Affordability has improved to its best position in several years, mortgage rates have eased, and listings are gradually drifting lower. Those factors combined are helping to steady the market and should support a lift in sales activity through 2026,” he said.
“Other considerations include borrowers who are rolling off higher fixed rates onto cheaper loans, which will help free up cashflow for some households and should the labour market slowly gather steam as expected, that sets the scene for modest price growth rather than a sharp rebound.”
The Cotality NZ Monthly Housing Chart Pack, February 2025 provides the latest breakdown of sales, listings, mortgage lending activity, buyer classification, property values, rental trends, and economic indicators.

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Home Finance – ASB announces Kāinga Ora First Home Loan offering to help Kiwi into their first home

Source: ASB

ASB Bank will now offer the Kāinga Ora First Home Loan, marking another step in the bank’s commitment to making home ownership accessible for more New Zealanders.

The First Home Loan is designed for people who can afford regular mortgage repayments but are finding it difficult to save a 20% deposit. Instead of the standard deposit, eligible buyers can purchase their first home with just 5%, with the loan underwritten by Kāinga Ora – Homes and Communities.

ASB Executive General Manager Personal Banking Adam Boyd says “Home ownership is a cornerstone of financial wellbeing and security for many New Zealanders. This loan helps to get more people into their own homes without the challenge of saving a large deposit while managing everyday expenses, like rent.”

“By offering the First Home Loan, we’re helping to break down one of the biggest barriers to homeownership and opening doors for more New Zealanders to create their future and put down roots in their communities.”

“We’re committed to walking alongside our customers through one of the biggest financial decisions they’ll make. As well as the Kainga Ora First Home Loan, we have a team of trained specialist lenders to help customers on their journey,” says Adam Boyd.  

Eligible customers who have been contributing to KiwiSaver for at least three years may also be able to withdraw their savings to put towards their home purchase and will be eligible for ASB’s First Home Buyer cashback offer.

For more information about ASB’s First Home Loan offering and full eligibility criteria, visit here: https://www.asb.co.nz/home-loans-mortgages/buying-first-home/first-home-loan.html

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BusinessNZ – Better employment law will support job growth

Source: BusinessNZ

The Employment Relations Amendment Bill will help restore balance, certainty and common sense to New Zealand’s employment framework, BusinessNZ says.
Director of Advocacy Catherine Beard says the Bill, which passed its third reading last night, addresses real-world issues facing employers and workers, and supports a more flexible and confident economy.
“Clear and workable employment settings are essential to business confidence and job growth. The amendments address areas of employment law which have been caught up in recent debate – including the status of contractors in platform-based work arrangements.
“For example, recent court cases have found that four Uber drivers are in-fact full time employees – due to their individual circumstances. The issue is platform work opportunities like the ones we have now wouldn’t have come about if the platform operators were made to shoulder all the costs and commitments associated with full time employment.
“If we want to keep new enterprise and the ensuing benefits consumers enjoy, we must make sure the model can continue to work. We hope the Government has done enough with this legislation to make it clear to the courts and potential claimants that they can’t keep trying to break the model.”
The Bill also amends situations where workers dismissed for serious misconduct have up until now been able to receive financial compensation through the personal grievance process.
“Most New Zealanders understand that serious wrongdoing at work comes with consequences. Removing automatic financial rewards, for instance by penalising the employer for small procedural errors, restores fairness and reinforces accountability.
“Overall, The Bill moves employment law closer to the realities of modern work, while maintaining core protections. This is something BusinessNZ has been advocating for, for a long time. These changes will reduce administrative requirements and provide greater flexibility for employers and employees when agreeing employment terms.”
The BusinessNZ Network including BusinessNZ, EMA, Business Central and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.
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Annual food prices increase 4.6 percent – Selected price indexes: January 2026 – Stats NZ news story and information release

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Births to under-25s decline to record low proportion – Births and deaths: Year ended December 2025 (including abridged period life table) – Stats NZ news story and information release

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Legislation – Dark day for workers as Parliament passes bill that strips away job security – PSA

Source: PSA

Parliament has just passed the most extreme anti-worker legislation since the notorious Employment Contracts Act of 1991, stripping away protections that have been the foundation of fair employment for decades.
“The Employment Relations Amendment Bill effectively introduces fire at will, leaving New Zealand workers more vulnerable than at any time in the past 30 years,” said Fleur Fitzsimons, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi.
“This is a disgraceful power grab by employers that will pile more pressure on families already struggling with the cost-of-living crisis this Government promised to fix.
“Workers can now be sacked at will with employers able to undermine personal grievance protections even when their own conduct is clearly unreasonable.
“This law change will radically change every workplace in New Zealand. Workers can be unjustifiably dismissed and walk away with nothing.
“How does threatening people's jobs help families cope with higher prices and a weak job market? It shows how heartless this Government is – prioritising the profits of business over the wellbeing of working New Zealanders and their families.”
The changes will also affect the quality of public services New Zealanders rely on.
“Insecure workers means insecure services. When teachers, health workers, and other public servants face constant job insecurity, it undermines their ability to deliver the quality services New Zealanders deserve.
“This law will drive down wages and accelerate the exodus of skilled workers offshore to countries that value their expertise and provide job security.”
“Supporters of this law change talk about 'labour market flexibility.' But flexibility is not evenly shared.
“For large employers, it means more power. For workers, it means uncertainty – wondering whether a minor mistake could cost them their job, or whether a new contract quietly removes protections they once relied on.
“Just like in 1991, with the Employment Contracts Act, business lobby groups are the strongest supporters of these reforms while workers face losing their jobs, reduced protections and weaker bargaining power.”
Latest attack in Government's war on workers
The bill is the latest in a series of attacks on working New Zealanders by the Coalition Government:
– Axed Fair Pay Agreements
– Reinstated 90-day fire at will
– Scrapped pay equity for more than150,000 women workers
– Suppressed minimum wage increases
– Proposing to cut back sick leave for part-time workers
“The changes made today continue the shift of power in one direction only – strengthening the hand of large employers while leaving workers more exposed in an already fragile economy,” said Fitzsimons.
“This Government's priorities are clear: landlords and big business are in but working New Zealanders and their families are out.
“Come the election in November, the PSA will be reminding voters of the choices the Coalition parties have made to put the interests of business ahead of working families.”
ENDS
Background Employment Relations Amendment Bill
In summary, the changes will:
– mean workers who are legally unfairly dismissed will have no proper remedies if they have contributed to the situation, however minor.
– allow employers to fire at will workers who are unjustifiably dismissed and earn more than $200,000 – they cannot access a personal grievance process for unjustified dismissal.
– remove the provision that automatically enrols new employees in collective agreements for 30 days. This means new workers will risk being exposed to 90-day fire-at-will trials before understanding the protections offered by collective agreements.
– allow employers to deem workers contractors removing their right to holiday and sick pay and means they can be fired at will – the law change written by multi-national ride share company Uber.
The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand's largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.
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Legislation – Darkest day in decades for NZ workers’ rights as ERA Bill passes – Workers First Union

Source: Workers First Union

Workers First said that the passage of the Employment Relations Amendment Bill today was the “darkest day in decades” for New Zealand workers’ rights and that every person, whether an employee or contractor, should be deeply concerned for their future job security and prosperity.
Dennis Maga, Workers First General Secretary, said that while it was obvious that the governing ACT Party and National Party intended to change New Zealand law to protect the “exploitative” business model of employers like Uber, NZ First had “sold out” workers despite meeting with several unions over the last few months and claiming their intention to amend the Bill during its Committee Stage. Instead, NZ First offered no amendments during the final Parliamentary opportunity to develop the legislation and rejected every Opposition attempt to limit the Bill’s “catastrophic” scope.
“This ‘fire-at-will’ Bill not only protects contractor misclassification by enshrining the process in law, but it decimates the right to workplace justice and enables employers to erase the rights workers fought for decades to win,” said Mr Maga.
“This is a shameful day for Aotearoa and an international embarrassment. While other nations stood up to international corporates like Uber and required them to adapt to sovereign law, our Government has laid out the red carpet for them to redesign our employment system in their favour.”
“It’s no surprise to see the ACT Party advance legislation as the parliamentary wing of Uber’s business model, but NZ First’s decision to back the Bill is a stark act of hypocrisy.”
“They are a party that pretends to care about sovereignty but have turned their backs on New Zealanders today, and workers will not forget it.”
Mr Maga said that the passage of the Bill did not rule out the pursuit of backpay and lost entitlements for the misclassification of Uber drivers, which last year’s judgement from the Supreme Court allowed for. Over 1,500 financial claims for Uber drivers have already been lodged by Workers First Union, and they would proceed despite the law change.
Other elements of the Bill that disadvantage workers included the end of the “30-day rule” that protected new employees under an existing Collective Agreement, and changes to the Personal Grievance process that allowed employers to unilaterally define “serious misconduct” and deny workers the right to compensation or reinstatement if they are deemed to have “contributed” to the situation.
“The Bill is an omnibus of gifts to exploitative employers and a firm admission that this Government does not care about ordinary New Zealand workers,” said Mr Maga.
“It will worsen the cost-of-living crisis, exacerbate the exodus of New Zealand workers to Australia, and encourage more predation on the working class by big business without redress.”
Ultimately, Mr Maga said the legislation created the conditions for New Zealand employers to pursue mass redundancies of employees before attempting to ‘re-hire’ them under the new category of a ‘specified contractor’, lacking the protections of employment like a minimum wage, holiday pay, sick and annual leave, and the right to join a union.
“If you think this Bill doesn’t apply to you now, it may well in the future,” said Mr Maga.
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Energy Efficiency – Hot water heat pumps a faster, lower-cost alternative to risky LNG imports – Ecobulb

Source: Ecobulb

An energy efficiency expert is urging the Government to prioritise hot water heat pumps as one immediate and cost-effective response to New Zealand's energy crisis, backing views in a new report that importing LNG would increase energy prices and expose the country to volatile international markets.

A New Zealand Green Building Council report warns that importing liquefied natural gas (LNG) would require significant taxpayer subsidies and likely place sustained upward pressure on gas and electricity prices. International experience – including in eastern Australia – shows that linking domestic supply to global gas markets can dramatically increase generation costs, accelerating industrial decline and job losses.
(ref. https://nzgbc.org.nz/news-and-media/lng-imports-would-lock-kiwis-into-higher-energy-bills-for-decades-when-more-secure-options-are-ready-now )
 
New Zealand doesn't need to take that risk, says Ecobulb Managing Director Dr Chris Mardon.
 
“Before we spend hundreds of millions subsidising imported gas, we could fix the biggest, most remedial source of household energy waste – hot water,” says Mardon. “Hot water heat pumps are proven technology that can slash electricity use by up to 70 percent compared to traditional electric cylinders, and completely remove the need for gas water heating.”
 
Hot water typically accounts for around a third of household energy consumption. Replacing ageing electric or gas water heaters with high-efficiency heat pump systems delivers permanent demand reduction – lowering peak loads and easing pressure on the national grid.
 
According to the NZGBC's analysis, widespread adoption of efficient electric technologies, including hot water heat pumps and rooftop solar, could offset a significant portion of the energy shortfall that LNG imports are intended to address – without exposing New Zealand to global fuel price volatility.
 
“If all new homes built had rooftop solar and all new residential hot water systems sold were heat pumps, by 2030 more electricity would be being generated and saved than the LNG terminal would provide,” Mardon said. “That's energy we don't have to generate, import, or subsidise.”
 
Unlike LNG infrastructure, which creates a centralised point of failure and ties prices to international markets, hot water heat pumps are distributed assets installed in thousands of homes across the country.
 
“Distributed efficiency is inherently more resilient,” Mardon said. “Every home that upgrades, reduces national demand. That lowers wholesale price pressure and protects households from future energy shocks.”
 
The report also highlights that LNG imports would likely increase the marginal cost of electricity generation, pushing up power prices even in normal years. Higher energy input costs would further strain manufacturers and gas-intensive industries.
 
Mardon says improving hot water efficiency is a direct way to reduce both household living costs and system-wide demand.
 
“Energy we don't use is the cheapest energy of all. A hot water heat pump delivers guaranteed, ongoing savings for families – year after year – without requiring permanent government subsidies.”
 
The NZGBC report estimates that LNG imports would depend on substantial annual taxpayer support.
 
Ecobulb is calling for those funds to instead be redirected into targeted grants or financing support for hot water heat pump installations, particularly for low- and middle-income households.  The NZGBC report says that rooftop solar should also be supported.
 
“Instead of subsidising imported fuel, we could invest in permanent bill reductions for Kiwi families,” said Mardon. “That strengthens energy security, supports local installation jobs, and reduces long-term system costs.”
 
Mardon says the pathway forward is clear.
 
“Hot water heat pumps are available now. They're efficient, scalable, and already proven in thousands of New Zealand homes. If we're serious about reducing energy costs and protecting our economy, accelerating the transition to hot water heat pumps is one of the smartest steps we can take.”
 
About Ecobulb

Ecobulb is a New Zealand-owned energy efficiency company specialising in lighting and high-performance hot water heat pump systems for residential and commercial applications, helping households reduce energy use, cut power bills, and transition away from fossil fuels.

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Legislation – Long-term Infrastructure Plan welcomed by road freight sector

Source: Ia Ara Aotearoa Transporting New Zealand

Road freight association Transporting New Zealand has welcomed the release of the Infrastructure Commission’s National Infrastructure Plan that was tabled in Parliament by Minister Chris Bishop today.
Transporting New Zealand Chief Executive Dom Kalasih says that the National Infrastructure Plan takes a well-reasoned, long-term view of New Zealand’s infrastructure needs and funding arrangements, including the road and rail networks.
“The Plan emphasises the importance of maintaining existing assets, the need for road revenue reform, and the importance of ensuring that party politics don’t disrupt the delivery of good infrastructure maintenance and improvements:
“Not every major project will attract consensus, but that need not prevent progress. Political contestability is normal, and priorities will shift over time. What matters is staying focused on the fundamentals – looking after existing assets, delivering projects well, planning efficiently, and being transparent about costs and outcomes.” ( National Infrastructure Plan, page 33) (ref. https://tewaihanga.govt.nz/national-infrastructure-plan )
“Transporting New Zealand is a strong advocate of these three pillars, and we’re looking forward to seeing the Government’s formal response to the plan later this year. We encourage all opposition parties to do the same.”
Kalasih says that the severe weather and travel disruptions affecting the country this year demonstrate the importance of prioritising asset maintenance and renewals, that the Infrastructure Commission says should account for 60 per cent of total infrastructure spending. Total infrastructure spending is currently $20 billion per year.
“A strong message we hear from our road freight members is the importance of maintaining the existing road network. That has been historically underfunded by successive governments.”
Kalasih says he is looking forward to discussing the Plan and feedback from Transporting New Zealand members with the Infrastructure Commission and elected officials.  
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Arts – Global exhibitions coming to Tāmaki Makaurau: Auckland Museum announces 2026/2027 international exhibition programme

Source: Tāmaki Paenga Hira Auckland War Memorial Museum

Tāmaki Paenga Hira Auckland War Memorial Museum announces an exciting line-up of international touring exhibitions, including an exclusive new Triceratops exhibition, coming to Tāmaki Makaurau Auckland over 2026 and 2027.

Auckland Museum Director of Audience Engagement Victoria Travers says the upcoming programme brings a diverse range of exhibitions from around the world.

“The next two years of our international exhibition programme reflects Auckland Museum’s commitment to presenting world-class touring exhibitions, with March of the Triceratops set to be a major highlight.”

“As the only Australasian venue on the exhibition’s international tour, Auckland Museum will give visitors the rare opportunity to come face-to-face with the world’s only known Triceratops herd, alongside other exceptional international exhibitions arriving in Tāmaki Makaurau,” says Travers.

Due to strong public interest, Sharks, created by the Australian Museum, has been extended through to Monday 1 June 2026. This exhibition explores the diversity and evolution of sharks, their significance within First Nations and Pasifika knowledge systems, and the latest global research into shark conservation, offering visitors a deeper understanding of these ancient and often misunderstood ocean predators.

Opening on Saturday 27 June 2026, Wildlife Photographer of the Year returns to Auckland Museum in its 61st year, presenting a breathtaking selection of images from the world’s most prestigious wildlife photography competition. The exhibition celebrates the beauty, complexity and fragility of the natural world, captured by photographers from across the globe.

Coming September 2026, families and dinosaur enthusiasts can step back into the prehistoric past with March of the Triceratops. This once-in-a-lifetime exhibition showcases the world’s only Triceratops herd, with a rare group of five recently excavated fossils. Through immersive displays, life-size models, animatronics and augmented reality, this exhibition brings the story of Triceratops to life, exploring their behaviour, biology, and the ancient environments they once roamed.

Opening in June 2027, Ming: The Golden Empire showcases the brilliance of China’s Ming dynasty. This exhibition explores revolutionary social change, artistic achievement, and cultural richness through treasures from the Nanjing Museum that rarely leave China.

Auckland Museum Membership, with three options to select from, provides unlimited free entry to all paid exhibitions, as well as discounted event tickets and exclusive Member-only events. Find out more at: aucklandmuseum.com/membership

Further details, and public programmes and events to be announced; sign up to our What’s On email for updates.

Auckland Museum exhibition programme for 2026/2027:

SHARKS
EXTENDED UNTIL MON 1 JUN 2026
ADULT $22, CHILD (5-15 YRS) $11, UNDER 5 YRS FREE, FAMILY (2 ADULT, 2 CHILD) $59, CONCESSIONS (STUDENTS & SENIORS) $20
FREE FOR MUSEUM MEMBERS

Created by the Australian Museum, Sharks invites you to explore the fascinating, and often misunderstood, world of sharks. Come face-to-face with life-sized, scientifically accurate shark models, including one of the most famous and feared species of shark, the Great White Shark. Learn through artefacts and tactile displays; be immersed in a digital oceanarium; and see the world in a 360-degree view through the eyes of a Hammerhead Shark.

Sharks is produced and toured by the Australian Museum and proudly supported by Earth Sciences NZ.

WILDLIFE PHOTOGRAPHER OF THE YEAR 61
SAT 27 JUN – SUN 23 AUG 2026
FREE WITH MUSEUM ENTRY

Now in its sixty-first year, and on loan from the Natural History Museum in London, Wildlife Photographer of the Year features some of the most exceptional nature photography taken today from across the globe.

The exhibition shines a light on powerful and fascinating images that capture hidden animal behaviour, spectacular species, and the breathtaking diversity of the natural world. Using photography's unique emotive power to engage and inspire audiences, the images share stories and species from around the world, encouraging a future of advocating for the planet.

Wildlife Photographer of the Year is developed and produced by the Natural History Museum, London.

MARCH OF THE TRICERATOPS
SEPT 2026 – APR 2027
ADULT $29.90, CHILD (5-15 YRS) $19.90, UNDER 5 YRS FREE, FAMILY (2 ADULT, 2 CHILD) $90, CONCESSIONS (STUDENTS & SENIORS) $27.90, FREE FOR MUSEUM MEMBERS

March of the Triceratops brings to life one of the world’s most iconic dinosaurs, revealing how these extraordinary creatures lived, moved, and survived millions of years ago.

The exhibition features the only known Triceratops herd ever discovered, with a rare group of five recently excavated fossils. Alongside the fossils are life-size Triceratops models and animatronics, created using the latest scientific research, and hands-on interactives and animated experiences that offer fascinating insight into a prehistoric world.

Explore how fossils are formed, learn what palaeontologists do, and use augmented reality to step into the Triceratops’ natural environment and imagine a landscape shaped by dinosaurs.

March of the Triceratops is a collaboration between Naturalis Biodiversity Center, and MuseumsPartner, both based in Europe.

MING: THE GOLDEN EMPIRE
JUN 2027 – OCT 2027
ADULT $25, CHILD (5-15 YRS) $15, UNDER 5 YRS FREE, FAMILY (2 ADULT, 2 CHILD) $72, CONCESSIONS (STUDENTS & SENIORS) $23, FREE FOR MUSEUM MEMBERS

Discover the brilliance of the Ming dynasty in Ming: The Golden Empire. This stunning exhibition explores revolutionary social change, artistic achievement, and cultural richness through treasures from Nanjing Museum that rarely leave China. From imperial luxuries to everyday objects, journey through China’s Great Ming era, which spanned 1368-1644, all brought to life with striking visuals, films, and interactive displays.

Ming: The Golden Empire is produced by Nomad Exhibitions in association with Nanjing Museum.