A survey by accounting firm KPMG has found Chinese investors account for much less of direct foreign investment in New Zealand than the headlines suggest.

KPMG has analysed trends in direct foreign investment into the country by reviewing the approvals by the Overseas Investment Office between July 2010 and December 2012.

It found Asian investors as a whole accounted for just 16% of total approvals during that period and of that, China accounted for just 33%.

That even includes high-profile purchases such as Chinese whiteware manufacturer Haier becoming a cornerstone shareholder in Fisher & Paykel Appliances and the acquisition of the Crafar farms by Shanghai Pengxin.

KPMG partner Justin Ensor said Australians are the biggest foreign investors in New Zealand, accounting for 46% of the total.